Nigerian CBDC E-Naira Witnesses 0.5% Adoption Rate
The Nigerian Federal Government’s digital currency, E naira, has been used by less than 1% of the country’s citizens. This currency, on the other hand, has been in circulation for more than a year since its inception in 2021.
Nigerians Show Little Interest In The E-naira
Since its inception, the Central Bank of Nigeria Digital currency has underperformed. When compared to other countries, Nigeria has a low adoption rate among its citizens. Only 0.5% of Nigeria’s population has used this currency.
The government has attempted to increase adoption rates but has been deemed ineffective.
This currency, which was introduced in October 2021, has now been in existence for more than a year with little to no adoption.
According to statistics, one in every 250 people has used this currency to make payments and conduct transactions.
Only about 700,000 people in Nigeria set up an E-naira wallet account during the first week of its launch, out of millions.
The government has taken steps to increase adoption by offering discounts on some public transportation when E-naira is used for payment.
Government’s Drive And Goal
Godwin Emefiele, Governor of the Central Bank of Nigeria, stated that he and other government officials’ duty in this regime and season is to strive for a cashless economy in which all transactions are conducted electronically.
The country has however shown aversion to crypto as a payment method. At one point, the country prohibited the use of cryptocurrency and even arrested and seized funds of individuals caught in the act.
Checks have also been carried out in banks, where investigations are conducted when a large sum of money is deposited into a single account.
Nigerian financial firms are also prohibited from developing and disseminating crypto in the country.
The Government refers to it as a risky investment and, at times, a Ponzi scheme that robs people of their hard-earned money.
However, trading and selling cryptocurrency has recently become legal, and the strict regulations imposed on it have been relaxed.
The Nigerian Securities and Exchange Commission has also moved to classify cryptocurrency as an investment.
Individuals can now engage in this lucrative business of cryptocurrencies without fear of being raided by the police.
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