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Less Than 0.5% Nigerians Have Used the Country’s CBDC E-Naira a Year After Its Launch

Nigeria’s Central Bank Digital Currency (CBDC) e-Naira is failing because of low adoption rates while the government is trying to drive adoption higher.

The E-Naira was launched in October 2021 and has been live for 14 months as of December but the adoption rate remains low.

Current numbers indicate that only one in 200 people are using the e-Naira, which equates to less than 0.5% of the population. Within the first eight months after its launch, only 700,000 users created an e-Naira wallet.

According to the report, the government is trying to drive adoption by offering a 5% discount on e-Naira payments in Keke Napep, the country’s most widely used transportation system.

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