Home » Bitcoin » Nigerian CBDC eNaira Adoption Spikes Due To Cash Shortage

Nigeria,The most populous countryAfrica has experienced a severe cash shortage, which has increased its CBDC-eNaira adoption rate.

Nigeria is the first Africa to publish a digital currency for territorial sovereignty. At its inception, the project encounteredLow adoption rateA description obtained from the masses. But a recent cash shortage caused by a new financial policy and cash withdrawal restrictions has driven citizens to apply data solutions.

ENaira is particularly important now.

Godwin EmmaeleThe mayor of CBN in Nigeria said that CBN has forged more than 10 billion eNaira and nearly 3.4 billion eNaira has been in circulation. In addition, the Nigerian government has promoted the selection of such digital currencies, using them to make payments based on plans in Nigerian society. The program is for poor Nigerians and has already donated 4 million new wallets.

Emefiele takes a fancy to digital currency, saying it has become the best choice for electronic payment channels for financial diversity. It is also a social development intervention program for the economic development of Nigeria.

Moz Sogi SolankNigerian, executive director of Revitalization Asset, shares his views on eNaira. He pointed out that although government departments look forward to promoting the adoption of citizens, the ways are relatively limited. In his view, the key test is that users must have smart products and Internet connections.

TotalSmart phone customerBy 2025, the population of Nigeria is likely to exceed 140 million. The number of smartphone customers in Nigeria is roughly between 25 million and 40 million.

Solanke shows that most people who accept the move are so poor and will find the program interesting. In his view, for this type of people, smart products and Internet connections are likely to be cost-intensive.

Current policies of Nigeria and non-monetized resettlement

Godwin Emeferle, Mayor of CBN, NigeriaAnnounceThe trading volume of ENaira has increased. He points out that since its launch, the company's turnover has increased by 63%, to as much as 22 billion naira ($47.7 million).

The current policy of non-monetized resettlement has reduced the currency in circulation in the host country. The amount of investment has dropped from 3.2 trillion yuan in September 2022 to 1 trillion yuan. Today, the CBDC wallet has grown to 13 million from October 2022, 12 times what it used to be.

About 90% of Nigeria's informal economy and trade depends on cash.And CBN's new fiscal policy causedWidespread criticismIn a few quarters. The central bank opened the exchange of old denomination of 200,500 and 1000 naira notes.

Extended reading: Alameda Research shipped $3.2 billion to FTXCEO's own social circle.

Because of widespread protest and confusion, Nigeria's Supreme people's Court ruled to keep the old and new banknotes until December 2023. Digital currency is a new concept in NigeriaRural areasLack of critical information. This will take more time to document the scale selection.

In addition, the previousDigital currency is strictly prohibitedIn Nigeria, it may set back the whole process of choosing a digital currency. Although there is a relative growth in eNaira, a lot of sensitive publicity and planning is needed, especially for those who are not educated.

On the bright side, the eNaira infrastructure is slowly and timely. According toAssociated PressLast year, FlutterWave, a payment portal, added eNaira CBDC to its software as a payment option.

Characteristic pictures of Pixabay and data charts of Tradingview.com

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