Nigeria CBDC uptake ‘disappointingly low’ – paper

The e-naira is technically sound, but actual use is negligible, says IMF study


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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