The African country Nigeria was the first country to initiate the use and testing of CBDC last year.
Although Nigeria was the first country to introduce a central bank digital currency (CBDC), it failed to do so. According to the data received, the adoption rate among the residents is quite low. The country’s government has worked hard to promote the country’s CBDC project, eNaira. However, the government’s efforts were not enough.
Nigeria Insufficient in CBDC
Nigeria, one of the countries where cryptocurrencies are most common, has failed in CBDC. Despite all the efforts of the government, about 0.5 percent of the population continued to use CBDC. The vast majority of the population could not understand the difference between cryptocurrencies and CBDC.
Nigerians, who likened CBDC to cryptocurrencies, preferred cryptocurrencies in such a situation. According to the data, as a result of increasing inflation, the public finds CBDC meaningless. In general, Nigerians who value their current investments in cryptos want to earn a profit above inflation.
In addition, Nigerians were also annoyed by the government’s pressure on cryptocurrencies to support CBDC. However, according to experts, low adoption in such countries is commonplace. CBDC studies, which Europe will already start to implement, will reflect clear data for the future.
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