CORRECTION: Nigerians – faced with a crippling cash shortage – are still not turning to the eNaira.
. But even if people in Nigeria wanted to turn to the eNaira, transaction options with the central bank digital currency are still limited.
“They want to put it out there to get people to use it, but people don't have enough places to use it,” said Nigerian-born Adesoji Solanke, a director at, an emerging and frontier markets focused investment bank that also has a branch in Nigeria. There may be a dearth of merchants willing to accept the eNaira, according to London-based Varun Paul, CBDC and market infrastructure director at institutional crypto custody platform Fireblocks. Paul,
as an economist and head of its fintech hub, is now leading Fireblocks’ efforts to build out infrastructure for CBDC integration.At the end of 2022, outgoing President Muhammadu Buhari’s government decided to change the currency design and swap out old bank notes for new ones. The slow changeover quickly caused ATMs to dry out, and the government placed limits on withdrawals.
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