Why Did CBDC Fail in Nigeria? Valuable Lessons for Developing Countriesmoderndiplomacy.eu/2023/10/22/why-did-cbdc-fail-in-nigeria-valuable-lessons-for-developing-countries/
271 sats \ 3 comments \ @south_korea_ln 26 Mar crypto
zaps forwarded to @KesterBils (50%)
I am posting this as a response to the article linked in #480605 where Nigeria is being given as an example where a CBDC is supposedly "up and working". It made me curious about the current status of the e-Naira and stumbled on this article.
Moreover, with cash withdrawal limits and currency redesigns, the situation worsened, triggering a cash shortage and escalating public dissatisfaction. Consequently, CBDC adoption in Nigeria remains abysmally low, with less than 0.5% of the population using it, while over 50% have embraced cryptocurrency. What can we learn from Nigeria’s CBDC failure?
EDIT: Related posts point to this interesting one by @KesterBils. Forwarding sats.
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110 sats \ 1 reply \ @Coinsreporter 26 Mar
IMO, CBDCs are exactly same as cash in hand. The difference is just that they're making them digital. But they have to understand that people need something different, not another version of already dead fiat in any country.
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11 sats \ 0 replies \ @KesterBils fwd 26 Mar
You're correct, there's no difference between them, it will only be easier for Central Banks to mint the currency.
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100 sats \ 0 replies \ @KesterBils fwd 26 Mar
The thing is that the mainstream media is pushing a narrative of CBDC being a success in Nigeria but as a Nigeria who lives in Nigeria I'll tell you for a fact that I don't know anyone who uses e-naira.
In Nigeria, we see ENaira as a failed project as the other projects they've started.
Don't allow mainstream media to mislead you.
They tried and they failed the only problem we're facing now is the excessive printing of Naira by our government to loot, our currency is turning to sh!t even though our FX backlog was cleared by CBN it isn't evident on the price of goods and services, at one point this year we saw a daily increase in price for food, goods and services.
I'm compiling a content about 'The Reality Of What We're Facing In Nigeria 🇳🇬 ', I wanted to post it on Medium but I think I'll be posting it on here💯
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