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Nigerian CBDC Adoption Lags, Makes Up Less Than 1% of Currency in Use

[Jul 30 11:30 AM] Nigeria’s central bank digital currency, known as the eNaira, was the first of its kind in Africa. However, it currently represents only about 0.36% of the total currency in circulation. Nigerian experts attribute the slow adoption of the…

Nigeria's Central Bank Enlists Gluwa Nigeria to Boost eNaira Systems, Adoption

[Mar 7 7:19 AM] Adoption of the central bank digital currency pales in comparison to the use of cash in the country.

Nigerian Central Bank Says Amended CBDC Model to Ensure Increased Volumes and Wallet Activity

[Jul 27, 2023 4:00 AM] The Nigerian central bank has said it is amending the model of its central bank digital currency and is hopeful that such an exercise will result in “an increase in the volume and activity of wallet holders.” According to the acting…

Nigeria Is Altering eNaira Model to Promote Use of the Digital Currency: Central Bank

[Jul 26, 2023 3:27 AM] For many citizens, the central bank digital currency isn't easy to use.

Nigeria's eNaira Wallet Use, Transactions Climb Amid Cash Shortages: Bloomberg

[Mar 22, 2023 6:02 AM] The number of eNaira wallets has jumped more than 12-fold to 13 million since October.

Nigerian Central Bank Seeks New CBDC Tech Partner — Bank Urged to Improve E-Naira User Experience

[Feb 24, 2023 6:30 AM] More than a year after it launched its central bank digital currency with partner Bitt Inc, the Central Bank of Nigeria is reportedly seeking a new technology partner. The new partner is expected to help the central bank implement a system which…

This CBDC Act Will Prevent The US Government From Surveilling Citizens’ Finances

[Feb 22, 2023 2:30 PM] Tom Emmer, the House Majority Whip serving as the representative for Minnesota’s 6th congressional district for the last seven years, is introducing the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act to prevent the…

Report: Nigeria to Stop Cash Withdrawals From Government Accounts

[Jan 8, 2023 5:30 PM] From the start of March, Nigerian public officials will be barred from withdrawing cash from government bank accounts, the head of the Nigerian Financial Intelligence Unit reportedly said. Public officials that want to be exempted from this new…

Nigerian Central Bank Increases Cash Withdrawal Limits After Receiving ‘Feedback From Stakeholders’

[Dec 23, 2022 6:30 AM] Barely a month after announcing the restricting of cash withdrawals to under $50 per week, the Central Bank of Nigeria said on Dec. 21 that individuals will be able to withdraw an equivalent of $1,120 per week starting on Jan. 9, 2023. The central…

Nigeria set to pass bill recognizing Bitcoin and cryptocurrencies

[Dec 18, 2022 11:45 PM] The slated law comes as Nigeria's eNaira has only managed to obtain a 0.5% adoption rate 12 months after its launch in Oct. 2021.

Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

[Dec 6, 2022 8:18 PM] The limits set by the Central Bank of Nigeria are part of a broader push to encourage digital financial transactions.

‘Cryptocurrencies Like Bitcoin Make Global Commerce Easy’ — Founder of Nigerian Crypto Exchange

[Nov 26, 2022 3:30 AM] Despite the Central Bank of Nigeria (CBN)’s Feb. 5, 2021 directive that instructed banks to block crypto entities from the financial system, the demand and use of cryptocurrencies have continued to grow. Not even the central bank’s…

Nigeria’s Rising Inflation and Foreign Exchange Shortages Fueling Devaluation Speculation — IMF Mission

[Nov 20, 2022 4:30 AM] According to the International Monetary Fund (IMF)’s mission concluding statement, Nigeria’s rising inflation rate as well as the continuing shortage of foreign currency are fueling the naira devaluation speculations. To achieve a…