Due to the several misconceptions arising from many beneficiaries of the eco-6 LUMI currency stimulus package put together by the authorities of the newly created African Sub-Region, the ECO-6, I decided to articulate some clarifications on most of the issues bothering many beneficiaries of the stimulus.

I’m not an official from the Sub-Region but my understanding can enlighten most of the confused timid Africans who regard any kind gesture as “scam”. This is the most commonly used word (scam) among illiterates who are even more ready to defend their ignorance even among the elites.

Few things I want to highlight in this article are bothering on issues of “withdrawal” of the LUMI currency, which has made almost 90% of the beneficiaries of the program question the genuineness of the currency, what a hilarious thing to imagine. 

A man walked into my office few days ago, he came to inquire when the withdrawal of the currency is going to commence, I told him there is no “withdrawal” you may sell the asset if need be, there are many people or businesses that will be willing to accept it for services rendered or goods bought. This ignorant man became furious and in his outrance, he  tried to compare the kind gesture of the Sub-Region to “insknation” a private program that saw no light of the day. Even a banker made such comparison, so it stirred me to put this clarification here for those who are so confused and eager to make use of the currency.

Do you agree that a government is stronger than an individual? Do you also agree that the unity of many governments is stronger than one government? 

An example of my claim is this; Nigeria is stronger than one individual whosoever that was the owner of “insknation”. Now ECOWAS as a Sub-Regional government is stronger than the government of Nigeria alone and in the same manner the AU (African Union) is broader and stronger than the ECOWAS, if I must go on then the UN (United Nations) which has global coverage is stronger than the AU.

It is when you have the understanding of these governments that the issue of “how real is ECO-6 LUMI currency becomes clear to you.

Eco-6 LUMI currency is a Sub-Regional digital currency and not an individual cryptocurrency like the Bitcoin, Zugacoin, pinkcoin and other cryptocurrencies. 

Eco-6 is a Sub-Regional government that was created by treaty and has many nations as member states e.g the Bahamas, St. Vincent, St. Louis, Trinidad and Tobago, Jamaica, Nicaragua, Maroon and over 20 other nations. So these nations adopted the LUMI currency which was formerly the currency of the Maroon as their Sub-Regional currency. 

So LUMI currency is even more real than the naira that is acceptable only in Nigeria.

According to the information available on Wikipedia, the LUMI currency is being accepted and used in about 142 countries mostly of the Caribbean.

The LUMI currency has banknotes but the one being paid as stimulus is a Digital Currency just like the eNaira that may soon be launched.

1. The Lumi currency is a Sub-Regional digital currency with broader acceptance than the eNaira.

2. The LUMI currency is pegged against the most valuable commodity (gold) where as the eNaira will be pegged against the physical Naira.

3. The LUMI currency exchange rate is presently N6,217 though it fluctuates.

The answer to this question is “YES”. The eNaira will accept LUMI currency swap since both are digital currencies. Another reason is that, the proposed “SPEED WALLET” which CBN unveiled last week will have the FOREX capabilities to swap any currency including the LUMI.

By next year, most African nations will be accepting the LUMI digital currency so I urge all beneficiaries of this noble program to exercise patience.