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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
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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 .

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 .

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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