Lumi currency, just other digital assets needs to be traded amongst Swifin Users to attach more value to it. In view of this NewsWay is designing a platform where Lumi beneficiaries from Nigeria may begin to use Lumi and even exchange or swap it to Naira.
The digital trading platform will integrate both the Lumi currency and eNaira and with time may include other currencies. What stands to pose a challenge now is CBN’s quick approval and issuance of license as investors of the digital asset sees prospect if CBN recommends the exchange of Lumi to eNaira amidst the dangling economy.
What we are saying this, NewsWay has taken a different dimension to put Lumi to use at least in Nigeria by writing to the Central Bank of Nigeria’s headquarters through it’s Makurdi branch. NewsWay as a team has written to the bodies vested with authority to allow the exchange of such foreign currency and not see what we are doing as trading in cryptocurrency. However, a quick response from the CBN’s customer desk encouraging us to be patient as a review of the application and it’s status will communicated to us in 14 business days.
More than 10 currency traders in Markudi, Lafia and Abuja where we made consultations indicated interest in trading Lumi currency but feared that it’s strictly an online thing. One of the traders who does his black market exchange at an undisclosed location in Wise said, CBN wants to handle the FX market alone. We have been banned from trading in foreign currencies till further notice.
We need co-operation from all Lumi currency stimulus beneficiaries across Nigeria to assist our move legally.