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Nigeria's eNaira CBDC Test Run Fails Amidst Protests and Resistance

The Central Bank of Nigeria's (CBN) attempt to replace physical currency with eNaira has faced significant resistance and protests nationwide, resulting in a failed CBDC test run.

Nigeria's eNaira program aimed to transition towards a cashless society, but citizens remained hesitant to adopt the digital currency, with less than 0.5% using it by October 2022.

The CBN implemented forceful measures, including a ban on cash withdrawals and limits for individuals and businesses, which sparked public outcry and diminished trust in the new financial system.

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