eNaira CBDC ‘a massive failure’ despite Nigerian central bank’s claims to the contrary

geopolitical analyst Nick Giambruno called Nigeria’s eNaira project a “debacle” and said the results were not “what the elite wanted”.

eNaira is October 25, 2021President Muhammadu Buhari said Africa’s first Central Bank Digital Currency (CBDC) would “increase remittances, facilitate cross-border trade, improve financial inclusion and make it easier for governments to make welfare payments.” ‘ said.

Over a year later, multiple reports still confirm low uptake.

eNaira crashes and burns

Nevertheless, the Governor of the Central Bank of Nigeria (CBN) Godwin Emmefile, declared the eNaira project a success. He said:

โ€œSince launch, a total of N8 billion of over 700,000 transactions have passed through the eNaira platform.โ€

Based on the current exchange rate, 8 billion naira is equivalent to $18.2 million, or $49,800 per day.

Furthermore, the number of daily transactions in Bitcoin is currently 257,467This means that with the current number of transactions, the number of BTC transactions will exceed eNaira’s annual count within three days.

according to bloombergless than 0.5% of Nigeria’s 211 million population use eNaira digital wallets.

To drive adoption at the grassroots level, CBN recently gave Keke NAPEP (tricycle taxis) and their customers 5% discount To use CBDC as payment.

Hajiya Rekiya Mohammed, CBN director in charge of the initiative, said the program aims to make people understand how it works.

โ€œWe hope that this effort will increase all understanding of eNaira, understand its benefits, and help those we engage with promote the use of eNaira and educate people about what it is. increase.”

CBDC Controversy Reigns

comment, Jean Bruno He said a “series of elites” including academics, central bankers and politicians were following eNaira closely in an attempt to gauge public reaction. He continued to refer to CBDC as a tool of enslavement.

Critics argue that the CBDC mechanism violates individual privacy and leaves citizens vulnerable to tyrannical leadership.

Jean Bruno .

Several Nigerians echoed the comments, saying eNaira’s failure was a symptom of anti-government sentiment.

In August, the Bank of Japan confirmed it would cancel the CBDC project as it was deemed technically unfeasible.

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