Nigeria’s central bank digital currency (CBDC) is not getting the warm reception expected from its crypto-savvy population.
According to a Bloomberg report, less than 0.5% of Nigeria’s 217 million population are using the government-issued digital currency — the eNaira — a year after its launch.
This comes despite Nigeria being identified by Chainalysis as the top country in Africa for crypto adoption and ranking 11th globally, while a KuCoin report found that 35% of the Nigerian population aged 18 to 60 had owned or traded cryptocurrencies this year.
Bloomberg noted that Nigerians have been confused due to a lack of clarity from the state which cracked down on crypto last year.
In February 2021, the Central Bank of Nigeria banned banks from servicing crypto exchanges in an effort to sever fiat on and off ramps.
Educating people who are generally wary of the state and ruling elite has also become a challenge for the central…
