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.

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

*Note We Deliberately Miss Spell Some Words or Add Capital Letters To Get Around Big Tech Censoring.

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