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HenryMakow.com – July 21, 2023

“As the numbers show, less than 1 in 10,000 Nigerians uses the eNaira on a weekly basis, even though the Nigerian government is promoting it heavily, limiting cash withdrawals to $45/day, and creating a huge cash shortage in Nigeria as the CBN is not printing new bills and taking away the old ones. ” 

by Edward Menez – (henrymakow.com) 

NIGERIANS DON’T TRUST THEIR GOVERNMENT’S CBDC

The Nigerian government became the second government in the world to release a CBDC. So far, it hasn’t proven successful:

“Launched in October 2021, the eNaira became the world’s second public CBDC, after the Bahamas’ Sand Dollar project. Two months away from a second anniversary, the digital currency is still struggling with adoption. A recent IMF report showed that the average number of eNaira transactions is about 14,000 per week–only 1.5% of the number of wallets. This suggests that 98.5% of wallets, for any given week, have not been used even once. These numbers reflect a “disappointingly low adoption.”

https://techcabal.com/2023/07/13/enaira-blockchain-currency-low-adoption/

But it’s even worse than that: There are only 13 million wallets in Nigeria for a country with over 200 million people.  So only 6-7% of the population even has a wallet.  And only 1.5% of those wallets are being used each week,

https://theconversation.com/enaira-nigerias-digital-currency-has-had-a-slow-start-whats-holding-it-back-209470

CBDC Spells Wahala For Nigerians

 

Continues …