Category: Nigeria CBDC

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Nigerian CBDC Adoption Lags, Makes Up Less Than 1% of Currency in Use

July 30, 2024

Nigeria’s central bank digital currency, known as the eNaira, was the first of its kind in Africa. However, it currently represents only about 0.36% of the total currency in circulation. Nigerian experts attribute the slow adoption of the e-naira to its perceived lack of significant benefits compared to the traditional naira. E-Naira Adoption Lags Despite…
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Central Bank Digital Currency a Threat to Financial Stability — Nigerian Central Bank Study

September 27, 2023

Despite the role it has played in narrowing the financial inclusion gap, the e-naira central bank digital currency still poses a risk to financial stability. In addition to bolstering the financial inclusion rate, the central bank claimed that the CBDC would “widen the size and stability of banks’ deposit base.” Nigeria’s Financial Inclusion Rates According…
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