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Bitcoin Bitcoin (BTC) $119,550.13 ↑ 1.24%
Ethereum Ethereum (ETH) $3,866.06 ↑ 3.02%
XRP XRP (XRP) $3.24 ↑ 1.70%
Tether USDt Tether USDt (USDT) $1.00 ↓ -0.02%
BNB BNB (BNB) $839.75 ↑ 6.06%
Solana Solana (SOL) $189.07 ↑ 2.10%
USDC USDC (USDC) $1.00 ↓ -0.02%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 2.20%
TRON TRON (TRX) $0.32 ↑ 0.18%
Cardano Cardano (ADA) $0.83 ↑ 1.15%
Sui Sui (SUI) $4.31 ↑ 3.04%
Hyperliquid Hyperliquid (HYPE) $43.77 ↓ -0.23%
Stellar Stellar (XLM) $0.45 ↑ 1.80%
Chainlink Chainlink (LINK) $19.22 ↑ 4.53%
Hedera Hedera (HBAR) $0.29 ↑ 3.70%
Bitcoin Cash Bitcoin Cash (BCH) $594.95 ↑ 6.19%
Avalanche Avalanche (AVAX) $25.96 ↑ 3.77%
Litecoin Litecoin (LTC) $114.97 ↑ 0.36%
Shiba Inu Shiba Inu (SHIB) $0.00 ↑ 1.37%
Toncoin Toncoin (TON) $3.38 ↑ 2.08%
UNUS SED LEO UNUS SED LEO (LEO) $8.96 ↓ -0.23%
Ethena USDe Ethena USDe (USDe) $1.00 ↓ -0.01%
Uniswap Uniswap (UNI) $10.96 ↑ 3.35%
Polkadot Polkadot (DOT) $4.24 ↑ 2.08%
Monero Monero (XMR) $324.49 ↑ 0.37%
Bitget Token Bitget Token (BGB) $4.67 ↑ 2.29%
Pepe Pepe (PEPE) $0.00 ↑ 2.11%
Dai Dai (DAI) $1.00 ↓ -0.01%
Cronos Cronos (CRO) $0.14 ↑ 2.20%
Aave Aave (AAVE) $302.21 ↑ 1.95%
Ethena Ethena (ENA) $0.67 ↑ 10.43%
Bittensor Bittensor (TAO) $430.47 ↑ 0.45%
NEAR Protocol NEAR Protocol (NEAR) $2.96 ↑ 2.22%
Ethereum Classic Ethereum Classic (ETC) $23.34 ↑ 1.90%
Pi Pi (PI) $0.44 ↑ 0.48%
Ondo Ondo (ONDO) $1.07 ↑ 1.80%
Internet Computer Internet Computer (ICP) $5.82 ↑ 2.26%
Aptos Aptos (APT) $4.90 ↑ 1.56%
OKB OKB (OKB) $48.91 ↑ 1.21%
Mantle Mantle (MNT) $0.83 ↑ 4.04%
Kaspa Kaspa (KAS) $0.10 ↑ 5.97%
Bonk Bonk (BONK) $0.00 ↓ -0.79%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↑ 2.81%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.24 ↑ 1.84%
Algorand Algorand (ALGO) $0.29 ↑ 3.34%
Arbitrum Arbitrum (ARB) $0.46 ↑ 2.22%
VeChain VeChain (VET) $0.03 ↑ 1.42%
Render Render (RENDER) $4.36 ↑ 2.69%
GateToken GateToken (GT) $18.08 ↑ 1.38%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↓ -0.03%
Worldcoin Worldcoin (WLD) $1.22 ↑ 4.44%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.34 ↑ 1.50%
Sky Sky (SKY) $0.10 ↑ 2.12%
SPX6900 SPX6900 (SPX) $2.16 ↑ 9.75%
Sei Sei (SEI) $0.35 ↑ 2.10%
Cosmos Cosmos (ATOM) $4.88 ↑ 1.79%
Filecoin Filecoin (FIL) $2.75 ↑ 2.73%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.75 ↑ 2.45%
Jupiter Jupiter (JUP) $0.60 ↑ 6.90%
Flare Flare (FLR) $0.02 ↓ -1.81%
Story Story (IP) $5.52 ↑ 0.51%
Quant Quant (QNT) $129.60 ↑ 5.71%
Injective Injective (INJ) $15.47 ↑ 2.80%
Celestia Celestia (TIA) $2.06 ↑ 6.82%
KuCoin Token KuCoin Token (KCS) $11.57 ↓ -0.79%
XDC Network XDC Network (XDC) $0.09 ↑ 0.03%
First Digital USD First Digital USD (FDUSD) $1.00 ↑ 0.02%
Curve DAO Token Curve DAO Token (CRV) $1.06 ↓ -3.88%
Stacks Stacks (STX) $0.86 ↑ 6.76%
Fartcoin Fartcoin (FARTCOIN) $1.36 ↑ 2.13%
Four Four (FORM) $3.47 ↑ 3.40%
Optimism Optimism (OP) $0.75 ↑ 2.90%
FLOKI FLOKI (FLOKI) $0.00 ↑ 1.49%
Ethereum Name Service Ethereum Name Service (ENS) $31.21 ↑ 2.88%
Immutable Immutable (IMX) $0.60 ↑ 5.91%
dogwifhat dogwifhat (WIF) $1.14 ↑ 6.39%
The Graph The Graph (GRT) $0.11 ↑ 4.03%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.61 ↑ 1.72%
PancakeSwap PancakeSwap (CAKE) $3.04 ↑ 8.93%
Lido DAO Lido DAO (LDO) $1.15 ↑ 5.89%
Kaia Kaia (KAIA) $0.17 ↑ 1.73%
Sonic Sonic (S) $0.34 ↑ 0.99%
Conflux Conflux (CFX) $0.19 ↑ 1.00%
Pump.fun Pump.fun (PUMP) $0.00 ↓ -5.79%
Tezos Tezos (XTZ) $0.90 ↑ 0.11%
PAX Gold PAX Gold (PAXG) $3,344.16 ↓ -0.37%
Theta Network Theta Network (THETA) $0.93 ↑ 3.55%
Vaulta Vaulta (A) $0.58 ↑ 1.83%
PayPal USD PayPal USD (PYUSD) $1.00 ↓ -0.05%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 1.50%
IOTA IOTA (IOTA) $0.22 ↑ 4.88%
Nexo Nexo (NEXO) $1.33 ↑ 1.71%
Raydium Raydium (RAY) $3.14 ↑ 3.04%
Gala Gala (GALA) $0.02 ↑ 3.10%
The Sandbox The Sandbox (SAND) $0.32 ↑ 3.21%
Tether Gold Tether Gold (XAUt) $3,334.38 ↓ -0.45%
Pyth Network Pyth Network (PYTH) $0.14 ↑ 6.16%
Aerodrome Finance Aerodrome Finance (AERO) $0.90 ↑ 0.91%
Pendle Pendle (PENDLE) $4.47 ↑ 0.43%
Jito Jito (JTO) $2.03 ↑ 1.56%
Home Cryptocurrency

Nigeria’s Failing CBDC: The Results are Disappointing

András Crow-Hreidar by András Crow-Hreidar
23 May 2023
in Cryptocurrency
Reading Time: 2 mins read
0
Nigerias-Failing-CBDC-The-Results-are-Disappointing

Even after more than a year of running Nigeria’s CBDC eNaira is still unable to make a significant impact . The vast majority of Nigerians are opposed to it . However it is not the only issue at hand . The latest IMF study indicates that the underlying issues are more serious .

Table of Contents

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  • eNaira’s Adoption Is Hindered Because Infrastructural Problems
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  • IMF Suggests Several Solutions to This Problem
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eNaira’s Adoption Is Hindered Because Infrastructural Problems

One of the most important financial events of 2021 was the introduction of the Nigerian CBDC . While the authorities have acknowledged the ambitious nature of their initiative  early responses have been less than ideal . Despite “commendable” performance the Nigerian public usually shuns eNaira . According to the IMF’s latest review of the Nigerian CBDC’s output this is the case .

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The eNaira will have processed just around 802,000 transactions after more than a year of use . This applies to just 1% of all portfolios each and every week . While less than one percent of Americans with checking accounts carry wallets .

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Nigerias-Failing-CBDC-The-Results-are-Disappointing-2

IMF Suggests Several Solutions to This Problem

The Nigerian CBDC is now a long way from achieving these pipe dreams . Because MMOs provide superior convenience and convenience at a lower cost than eNaira . The IMF adds that stopping this tendency would need a lot of creative thinking .

“As with all network products with similar characteristics such as credit cards, breaking the initial equilibrium of low adoption requires a mixture of shrewd strategies and luck” the research notes .

The World Bank claims there is hope for the current scenario and that the acceptance rate of eNaira may be increased . One option is to establish a mechanism to mediate monetary transactions .

Alternativelys shopkeepers might be encouraged to accept eNaira . On the other hand the efforts of the Nigerian government in this regard have so far been fruitless . In addition the IMF stresses how “difficult to imagine” a reversal of this trend would be . 

 

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András Crow-Hreidar

András Crow-Hreidar

Editor-in-chief, Content Editor Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.

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