That’s how you beat it: Nigeria is the first African country to offer a CBDC. It’s not been successful, with less than 0.5% of Nigerians using it. It’s just something we resist and refuse.
Nigeria became the first country in Africa to launch a legal tender digital currency on 25 October 2021. After a year, Nigeria’s digital currency eNaira hasn’t been a complete success.
Citizens aren’t adopting the eNaira, which is one of its biggest problems. More than 0.5 percent of Nigerians use the digital currency, according to Bloomberg. The eNaira is used by less than one in 200 Nigerians. It’s despite having a year to promote and encourage CBDC adoption.
At a ceremony to celebrate one year of the eNaira, Nigeria’s central bank’s governor spoke about its use. eNaira recorded 700,000 transactions worth over $8 billion, he said.
Bloomberg also reported that around one million Nigerians downloaded the eNaira digital wallet. More than 300,000 wallets have been opened but not used.
Nigeria’s central bank has turned to the nation’s popular three-wheeled taxi service to fix adoption problems. Keke Napep motorised tricycles, locally known as ‘Keke Napep’, will get a five percent discount if they use eNaira.
This initiative aims to get a lot more Nigerians to use the CBDC. The currency may need incentives to change people’s minds. After a ban on cryptocurrency and the launch of eNaira, Nigerians are still confused.