Increasing Coin Circulation in Nigeria

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”

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!



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

1 Like