Nigeria CBDC uptake ‘disappointingly low’

- Central Banking Newsdesk
- 23 May 2023

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An International Monetary Fund working paper concludes Nigeria’s central bank digital currency (CBDC) has had “disappointingly low” acceptance among the public.

The Central Bank of Nigeria launched the e-naira, Africa’s first central bank digital currency, on October 25, 2021. The CBN initially minted 500 million naira ($1.2 million) of the new currency. The e-naira uses distributed ledger technology (DLT).

The paper, Nigeria’s e-naira, one year after by Jookyung Ree, reports the e-naira

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