Nigeria to reposition its struggling CBDC
Central bank says it will focus instrument on government-to-person and cross-border payments
The Central Bank of Nigeria (CBN) has said it is looking to reposition the eNaira, amid limited take-up for the central bank digital currency.
The CBDC, the first in Africa, was launched in October 2021 and remains one of only three retail CBDCs operational globally, However, in its Nigeria Payments System Vision 2028 published on June 5, the CBN acknowledged that adoption of the eNaira had been slow.
It said barriers to the CBDC’s success included limited stakeholder engagement and buy-in during
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