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Is Nigeria really ready for Lumi Currency conversion this year?

T.I Ukende
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CBN’s Governor, Godwin Emefiele

Despite the yearnings of Nigerians, the question still remained unanswered even as more than a million Nigerians are receiving 6.26 Lumi monthly from the Lumi stimulus package.

Assurances has been given to Beneficiaries across the Continental Africa and the Diaspora on the integration of the Lumi into National Economies and the possible conversion of the Lumi currency.

In recent times, particularly the month of January this year, the Founder of the Swifin digital platform Dr. Linus Etube personally wrote to all beneficiaries of the Lumi stimulus globally, updating them of the success of the Lumi currency recorded in the past one year and the scheduled events expected this year.

Lumi conversion with the speed Wallet

The case of Nigeria is not different from the other countries. The Central Bank of Nigeria CBN, during the launch of it’s CBDC (eNaira) disclosed that the eNaira will be globally accepted and remittance will be performed in real time. However, after three months of it’s deployment on the Speed Wallet no success is recorded yet as regards it’s swap with other digital currencies like the Lumi.

The CBN reported recently of the successful completion of the trial phase of the eNaira and are looking forward to a more serious business probably in integration of other CBDC pathways on its Speed Wallet.

The Speed Wallet housing the eNaira is supposed to have options where other digital currencies can be swapped and the eNaira should be accepted by other CBDC wallets too.

READ ALSO: Conversion of the Lumi currency; insight on how it will be implemented

The Swifin has added a wallet which can accept and store the eNaira so in like manner the eNaira should accept other digital currencies like the Lumi and have wallet for such where they may be stored for subsequent exchange.

Lumi conversion with the PAPSS Platform

The Pan African Payments and Settlement System (PAPSS) is one good platform where the Lumi currency can be converted conveniently without any huddle.

Just like the eNaira, PAPSS has just been launched and needs time to create awareness amongst the member nations within it’s jurisdiction.

PAPSS has been designed to accept all Currencies in Continental Africa including the Lumi and credit the Payee in his or her own local currency.

PAPSS has the capacity to put smiles on the lips of Lumi beneficiaries but not immediately as many people may presume.

Beneficiaries needs patience and encouragement to wait until the the fullness of time.

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