Nigerians' passion for crypto is stopping short at the eNaira
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....
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According to social media reports, Binance, the world’s largest cryptocurrency exchange, is restricting the accounts of African users, mainly Nigerians and those who use its peer-to-peer (P2P) exchange. Many Nigerians have gone to Twitter to complain that their accounts were blocked by the exchange without explanation. #BinanceStopScamming Trends Many Binance users, particularly Nigerians and other […]
Nigerian government officials have big expectations regarding the eNaira. The rollout of the world's second central bank digital currency, or CBDC, is off to a rocky start. Last week, Nigeria rolled out its eNaira CBDC after the Bahamas became the first country in the world to launch theirs, known as The Sand Dollar, the year prior.In a statement quoted by local news outlet The Nation, Central Bank of Nigeria, or CBN, Governor Godwin Emefiele said "overwhelming interest and encouraging response". Similarly, President Muhammadu Buhari estimates that the eNaira could generate an additional....
Nigeria had earlier in the year announced it planned to launch its own CBDC. The eNaira was announced after the government had banned banks and financial institutions from facilitating crypto transactions in the country. The timeline for the launch of the eNaira has been put at sometime before the end of the year. Citizens of […]
Although their central bank is attempting to outlaw use of cryptocurrencies, it’s clear that Nigerians have real need for access to bitcoin. The post Nigerians Need Bitcoin, So Where Will The Restrictions Lead? appeared first on Bitcoin Magazine.
The Nigerian eNaira was launched to much fanfare after delays had rocked the project. Upon launch, it made the West African nation one of the very first countries to issue its very own central bank digital currency (CBDC). Residents rushed to explore this new legal tender, at one point overwhelming the website with traffic. Now, […]