Nigeria's central bank: the digital naira is not in demand among Nigerians

Nigeria's Central Bank has been trying to boost interest in its own digital currency by offering bonuses to the country's citizens and merchants willing to accept CBDC. In the first quarter, the central bank announced a partnership with technology firm Gluwa, confident that the collaboration would improve CBDC functionality and foster financial innovation.

Chairman of Tekedia Capital, Ndubuisi Ekekwe, believes that eNaira has not been widely adopted by the public because it does not offer people real benefits. Even with digital wallets, virtual accounts, USSD codes and other options, the real contribution of eNaira to the Nigerian economy remains small. The Central Bank's digital currency does not bring people more money than the traditional naira, the expert explained.

President of the Blockchain Association of Nigeria (SiBAN), Obinna Iwuno, attributed the slow adoption of eNaira to the fact that Nigeria was one of the first countries in the world to launch a government-owned stablecoin. Therefore, the authorities appeared to lack knowledge: how to increase interest in the central bank's digital currency.

Nigerians' attitude toward CBDC contrasts with their enthusiasm for cryptocurrencies. In June, the chairman of the Securities and Exchange Commission of Nigeria (SEC), Emomotimi Agama, said that 33% of the country's residents regularly use digital assets, and that Nigeria's crypto market could reach $52.5 million by 2028.