Nigerians Uninterested in the eNaira, According to Bloomberg Report

Last year, Nigeria became one of the eleven countries in the world which have introduced a central bank digital currency (CBDC). However, according to a new Bloomberg report, less than 0.5% of the population actually uses the Nigerian eNaira.

Bloomberg’s analysts have identified a lack of clarity and education about the use of CBDC, as well as the rising inflation and adverse economic conditions, as key reasons for eNaira’s lukewarm reception. This is despite the fact that 35% of Nigerians aged between 18 and 60 held or traded crypto this year. Moreover, according to Chainalysis, Nigeria is the leading African country in terms of crypto adoption. It seems they’re just not very interested in the e-Naira.

The Nigerian government will be taking steps to increase its CBDC adoption. For starters, drivers and passengers of rickshaws are offered a 5% when dealing with the e-Naira. Still, it’s highly unlikely that the desired result of 80 million users of the e-Naira will be achieved any time soon.