Nigeria CBDC adoption spikes as fiat foreign money scarcity grip the nation

Practically 18 months after launching its in-house central financial institution digital foreign money (CBDC), the eNaira, Nigeria is seeing elevated adoption within the CBDC as nationwide fiat reverses face extreme shortages.

The acute money scarcity in Nigeria was because of the central financial institution’s determination to exchange older financial institution notes with greater denominations amid rising inflation. Whereas growing nations have been among the many first to acknowledge the significance of a CBDC in revamping fiat capabilities, the concept is but to materialize.

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