🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2021-09-30
CBDC Model: Retail
CBDC Issued: ¤12,903,226
Inflation Rate: 18.85%
One-sentence summary
Despite the Nigerian government's efforts to encourage its digital currency eNaira adoption, persistent corruption, civil liberties issues and lack of public trust keep hampering its success.
Topics
✅In 2021, the Central Bank of 🇳🇬 launched the eNaira CBDC, but two years in, little adoption has been noted.
✅Use of eNaira involves banks and financial institutions as intermediaries, and transactions are performed through a mobile app.
✅Adoption of eNaira in 2022 was only at 0.5 percent despite efforts from the 🇳🇬 government to encourage use.
✅The 💰 shortage created by the Government in Dec 2022 led to protests, however, the Central Bank governor still envisions a completely cashless economy.
✅Despite the claim of successful adoption jump from 0.5 percent to 6 percent, the International Monetary Fund reported that 98.5 percent of the issued wallets remain unused.
✅In 2024, a Memorandum of Understanding (MoU) was signed with Gluwa to drive adoption of eNaira.
✅There are crucial human rights and civil liberties concerns surrounding the use of CBDC with issues like corruption, oppression and silencing dissent coming to light.
Hashtags
#CBDCs #Nigeria #eNaira #CashlessSociety #HumanRights
Question
With all the facts on the table, do you believe the Nigerian government's persistent push for the adoption of the eNaira is justified, or should they address the underlying issues of corruption and civil liberties first? What are your thoughts on how digital currencies can coexist with traditional cash in societies experiencing similar difficulties?
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