Nigerian CBDC Still Not Widely Used a Year After Launch
On October 25, Nigeria commemorated the first anniversary of the Central Bank of Nigeria’s e-naira, even as more residents continue to snub the digital currency . In a move aimed at boosting the use of the CBDC, the central bank is offering a 5% discount to motorized rickshaw drivers and passengers that use the e-naira. Kingsley Obiora, a deputy governor at the CBN, suggested that the digital currency needs “a little push from the government” if it is to be widely embraced. E-Naira Rollout at Phase 2 As Nigeria commemorated the e-naira’s first anniversary on October 25, critics have claimed that the average Nigerian has still not embraced Africa’s first central bank digital currency (CBDC). They point to the e-naira wallet’s relatively low number of downloads as well as the still-growing use of cryptocurrencies when remitting funds or making cross-border payments. In August, Bitcoin.com News reported that between January and June this year, peer-to-peer bitcoin ...