The Nigerian Central Bank created a digital currency, the eNaira, that flopped because the people refuse to use it. So what they did was “In December, the central bank decided to replace all high-denomination cash bills in the economy” with re-designed bills and gave a short deadline to turn in old bills for new. After the deadline, the old bills were no good anymore.
They did this to enforce the eNaira and partly to curb the severe inflation in Nigeria. Then, the Central Bank didn’t print nearly enough new money to exchange for the old money so when much of the old money could not be turned in before the short deadline, this caused a huge shortage of cash when all the old money still held by the people became worthless.
Now 80% of all Nigerian money is held by financial institutions instead of the people, according to the article, and with the massive cash shortage the citizens are forced to use the eNaira digital currency owned by the Central Bank. Of course, losing all their money and the lack of cash available will cause a lot of businesses to close and a lot of people to starve to death but the government is okay with that.
Russia and Japan are both planning to issue CBDC, Central Bank Digital Currency, this coming April. Japan is a close ally of ours. Okay? When the money is all digital and issued by the government, your very existence is in their hands. They can take away your ability to buy food at a keystroke. To buy anything. Pay for anything. Go anywhere. You become totally owned.
This is why I’m posting this. This and the previous post this morning may be the two most important things going on in the world right now.