CBDC Has Not Lived Up to Hype
The Central Bank of Nigeria (CBN) is working on amending the model of its digital currency, the eNaira, to increase the volume and activity of wallet holders. This comes after the CBDC failed to gain widespread adoption since its launch. The CBN is actively trying to control inflation and stabilize the country’s foreign exchange crisis. The bank is using every tool available to reduce liquidity and rein in inflation. However, the acting governor of the CBN urges patience in addressing the high demand for foreign exchange. The CBN is working towards making the forex market more efficient and effective.
Hot Take: The Central Bank of Nigeria is facing challenges in promoting its digital currency and stabilizing the country’s economy. Despite efforts to amend the CBDC model, it remains to be seen if it will live up to the initial hype and gain widespread adoption. The CBN’s actions to control inflation and address the foreign exchange crisis are crucial, but patience is needed for their effects to be felt. The success of these efforts will determine the future of Nigeria’s financial landscape.
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