Nigeria’s CBDC ‘a Safer Option’ Than Privately Issued Cryptocurrencies: Centr...
As part of the Central Bank of Nigeria (CBN)’s digital currency charm offensive, Folashodun Shonubi, the institution’s deputy governor, has claimed that the country’s upcoming central bank digital currency (CBDC) will be a “safer option from privately issued cryptocurrency.” Payment System Stability In addition, the CBN’s digital currency — also known as the e-naira — is expected to complement current areas of payment options. This, according to Shonubi, will ensure “the stability of the payment system in the long run.”....
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Nigeria’s central bank digital currency will go into pilot testing on Oct. 1 with a tiered AML/KYC regime for the eNaira. After four years of development, the Central Bank of Nigeria (CBN) is set to roll out its digital currency project. The launch will reportedly happen on the occasion of the country’s 61st Independence Day celebration on Oct. 1.Nigeria’s central bank digital currency (CBDC) project comes amid significant anti-crypto policies from the CBN and negative cryptocurrency sentiments from several government officials. The digital naira is also coming at a time when its fiat....
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With less than 0.5% adoption, the central bank of Nigeria is struggling to push its eNaira CBDC to its citizens. Nigeria’s central bank digital currency (CBDC) is not getting the warm reception expected from its crypto-savvy population.According to a Bloomberg report, less than 0.5% of Nigeria’s 217 million population are using the government-issued digital currency — the eNaira — a year after its launch.This comes despite Nigeria being identified by Chainalysis as the top country in Africa for crypto adoption and ranking 11th globally, while a KuCoin report found that 35% of the Nigerian....