Increasing Coin Circulation in Nigeria

Applications
#1

Intercoin could help in Nigeria where demonetization (removing physical cash from circulation) is causing a cash crunch and bringing everyday commerce to a standstill. Please see article below"

“Nigeria could use a digital solution to augment cash scarcity due to demonetization”
https://www.washingtonpost.com/world/2023/03/02/nigeria-currency-change-naira-demonetization/

What does everyone think about how Intercoin could be used to help the situation. The article below cites that 85% of the local Naira currency is being used outside the commercial banking system – meaning person-to-person for everyday transactions. The government has given (and postponed) a deadline for people to exchange their old notes for new ones, but not provided enough operational bandwidth at the banks for people to make the exchange. The currency people hold is at risk of becoming worthless, or just usable for barter among individuals. An organized effort could collect Naira from individuals in exchange for Intercoin, make the efforts required to convert larger accumulated amounts of Naira notes at the bank, and receive the new currency from the banks in return, and then use that value as a 100% reserve behind the Intercoin currency provided to individuals.

I would welcome everyone’s comments, suggestions, and solutions for this situaion!

JJ

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Fund for Refugees
#2

That’s an interesting idea @JWJ40 and I’ll be glad to share it with my friends in Nigeria.

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#3

I completely agree that Intercoin could be a game-changer in Nigeria’s current cash crunch caused by demonetization. The article referenced clearly shows the dire situation with 85% of local Naira currency being used outside commercial banking systems, meaning individuals are bearing the brunt and struggling to make everyday transactions. To add to what is proposed here, we can promote widespread education about digital currencies like Intercoin so people understand its benefits over physical money- such as speedier transaction times and little chance of theft or fraud, which will help gain their trust. Additionally, it might be helpful for organizations (such as non-governmental organizations) who work closely with locals on ground level issues made aware of how they too can use this implementation further down at grassroots levels across many more communities throughout Nigeria!

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