Nigeria

Nigeria CBDC Adoption Spikes as Fiat Currency Shortage Grip the Nation
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Nigeria CBDC Adoption Spikes as Fiat Currency Shortage Grip the Nation

Nearly 18 months after launching its in-house central bank digital currency (CBDC), the eNaira, Nigeria is seeing increased adoption in the CBDC as national fiat reserves face severe shortages. The acute cash shortage in Nigeria was due to the central bank’s decision to replace older bank notes with bigger denominations amid rising inflation. While developing...