He greets e-Naira, the leader of Nigerian stakeholders in crypto- “it comes without a wand,”he says.

E-Naira, the digital currency offered by Nigeria, would be a major incentive for ongoing efforts to reduce the number of Nigerians who lack financial support, he said. However, the success of such a digital currency will depend on its design, according to Senator Ichenen, chairman of the Nigerian Association of blockchain technologies (SIBAN) stakeholders.

Hybrid CBDC
According to reports, the Digital Currency proposed by the Central Bank of Nigeria (CBN) will be the central bank’s hybrid digital currency (CBDC), whose pilot phase will begin on October 1. This means e-Naira will combine both retail and wholesale capabilities. This means that the release of e-naira in the activities of intermediaries such as banks and other financial institutions will not prevent this, according to boss Syban.

By the way, Ichenen said Dec. Bitcoin.com news that Fiat is not counting the e-Naira, the digital version of the currency, “comes with a magic wand.””Explained:

To influence Naira’s condition, as long as the electronic Naira is the digital version of the naira, there is no wand. At best, it will make cross-border transactions and loan transfers cheaper and easier-two key areas Nigeria needs to improve. Nigeria must therefore rebuild its economy. There was a foundation we needed.

Bitcoin vs e naira
Since leading banks stopped serving crypto organizations in February, CBN has regularly signaled its desire to become a CBDC in the Nigerian economy. Some analysts have suggested that the Central Bank is resorting to a strategy in which it suppresses cryptocurrency trading while promoting e-Naira. The goal of this strategy is to see how electronic Naira will outperform bitcoin by popularity.

However, when asked if that was the case, Icheny expressed doubt that CBN or any other central bank that issued the digital currency could replace Bitcoin. It quotes completely different intentions or goals,

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