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Nigeria’s Central Bank Digital Currency Flops

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Nigeria’s Central Bank Digital Currency Flops

Nigeria’s Central Bank Digital Currency Flops

Fewer than 1 in 200 Nigerians use it, even after govt discounts & incentives

Seen as “a symbol of distrust in ruling elite”
Bitcoin popular however

Good reminder there are no foregone conclusions about #CBDCs

The extension of Digital IDs and CBDCs create worrying surveillance possibilities by their very design

We must stay vigilant to ensure they are not abused

Digital-Currency Plan Falters as Nigerians Defiant on Crypto

– Less than 0.5% of Nigerians are using the digital currency
– Government action required to make success of the eNaira

A year after launching Africa’s first digital currency, Nigeria’s central bank is turning to the nation’s three-wheeler taxi operators to speed the adoption of the eNaira, as regulators across the world scrutinize its every move.

It’s offering a 5% discount to drivers and passengers of the motorized rickshaws — known locally as Keke Napep — who use the eNaira. It’s the latest attempt to kickstart the digital currency, which has so far attracted just one in 200 people in the continent’s most populous country.

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