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  • CBDC Tragedy in Nigeria

    From Paul Popinjay@21:1/5 to All on Wed Mar 22 03:03:26 2023
    Nigeria has already forced it's people to switch to CBDCs. I think they had them turn in their old money last year, maybe it was 2021. But the government had a surprise waiting for their people. When new money was issued, they placed limits of
    withdrawal, like $225 per week, or $45 per day. This has been a disaster on the Nigerian people. They can't even buy food for their children and adults, so they feed their children, and the adults limit their own food to small amounts or skip meals.
    Nigerian people are so poor they cannot buy a smart phone and this further limits the new money they can withdraw. A black market developed for new money, thus raising prices on necessities of life. New digital money has been a colossal failure in
    Nigeria.

    Did anyone here know about this story? I don't remember it being covered as news on our media.

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From jack roth@21:1/5 to Paul Popinjay on Wed Mar 22 06:04:04 2023
    On Wednesday, March 22, 2023 at 3:03:30 AM UTC-7, Paul Popinjay wrote:
    Nigeria has already forced it's people to switch to CBDCs. I think they had them turn in their old money last year, maybe it was 2021. But the government had a surprise waiting for their people. When new money was issued, they placed limits of
    withdrawal, like $225 per week, or $45 per day. This has been a disaster on the Nigerian people. They can't even buy food for their children and adults, so they feed their children, and the adults limit their own food to small amounts or skip meals.
    Nigerian people are so poor they cannot buy a smart phone and this further limits the new money they can withdraw. A black market developed for new money, thus raising prices on necessities of life. New digital money has been a colossal failure in
    Nigeria.

    Did anyone here know about this story? I don't remember it being covered as news on our media.

    I heard the story, but what I heard is that the people outright rejected the CBDC and stuck with cash and everything kept going with the cash.

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Tim Norfolk@21:1/5 to jack roth on Wed Mar 22 08:39:01 2023
    On Wednesday, March 22, 2023 at 9:04:08 AM UTC-4, jack roth wrote:
    On Wednesday, March 22, 2023 at 3:03:30 AM UTC-7, Paul Popinjay wrote:
    Nigeria has already forced it's people to switch to CBDCs. I think they had them turn in their old money last year, maybe it was 2021. But the government had a surprise waiting for their people. When new money was issued, they placed limits of
    withdrawal, like $225 per week, or $45 per day. This has been a disaster on the Nigerian people. They can't even buy food for their children and adults, so they feed their children, and the adults limit their own food to small amounts or skip meals.
    Nigerian people are so poor they cannot buy a smart phone and this further limits the new money they can withdraw. A black market developed for new money, thus raising prices on necessities of life. New digital money has been a colossal failure in
    Nigeria.

    Did anyone here know about this story? I don't remember it being covered as news on our media.
    I heard the story, but what I heard is that the people outright rejected the CBDC and stuck with cash and everything kept going with the cash.

    If I recall, Nigeria is one of the many countries where the US dollar is the de facto currency.

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From jack roth@21:1/5 to Tim Norfolk on Thu Mar 23 05:06:13 2023
    On Wednesday, March 22, 2023 at 8:39:05 AM UTC-7, Tim Norfolk wrote:
    If I recall, Nigeria is one of the many countries where the US dollar is the de facto currency.

    Some countries the USD actually IS the legal recognized currency, but many places I've traveled to long ago, the USD was like Gold even if they had their own currency. Might be seeing the end days of that within a decade.

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)