• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nigerian president holding a picture with eNaira on it
Nexo

Dead On Arrival? How The Nigerian eNaira Has Fared Since Launch

Best Owie by Best Owie
4 months ago
in CBDC
0

The Nigerian eNaira was launched to much fanfare after delays had rocked the project. Upon launch, it made the West African nation one of the very first countries to issue its very own central bank digital currency (CBDC). Residents rushed to explore this new legal tender, at one point overwhelming the website with traffic. Now, a couple of months after the launch of the CBDC, how has it fared?

Do Nigerians Use The eNaira?

In a recent tweet, Timi Ajiboye, one of the founders of BuyCoins, Nigeria’s leading cryptocurrency exchange, asked his followers if they had ever used the eNaira. BuyCoins had been behind the NGNT, the Naira token stablecoin, which operates on the Binance Smart Chain and works as a 1:1 peg with the Naira. The responses to the tweet provided insight into how residents view the CBDC.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Related Reading | What Spot ETF? Asset Manager BlackRock Files Blockchain Tech ETF

Responses to the tweet which asked if people had used it and why they had used it showed that the eNaira was only known by name to the citizens. The majority admitted to never using it, while others explained that they had only used the CBDC to see how it worked.

One user explained that they had tried it but was disappointed with how it worked. “To see their onboarding. I’m not trying to shame eNaira but it was not pleasant,” the user said as they recounted their experience.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Other users laughed at the project, with some saying it was “dead on arrival.” One user said there was no reason to use the eNaira when stablecoins like USDT already existed.

What Went Wrong?

One of the problems with the eNaira project, it seems, was the government’s inability to build a sense of trust in residents before the project was launched. By all standards, the launch of the eNaira was sudden. Although the government said that the project had been in the works for years, residents of the country did not know it was coming until a couple of months before launch. Suddenly, there was a whole new legal tender in circulation.

Related Reading | Meme Coins Bear The Brunt As Crashes Rock The Crypto Market

Another issue was access and ease of spending. One user responded to Ajiboye’s tweet that the government cannot just expect citizens to begin using the currency without intervention from the government. They suggested the government pave the way by paying out well-known welfare programs using eNaira.

“The Nigerian government should shift social welfare programs and NYSC payments to eNaira for a start,” the user explained. “It will make payments cheap and very efficient. That way, use will spike. They shouldn’t just expect us to start using it.”

Users also noted the inability to spend eNaira. There are currently little or no merchant options for those who wish to spend their eNaira, making it a near useless legal tender. However, the CBDC is still very much in its infancy and has a lot of growing to do.

Featured image from TechCabal, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Best Owie

Best Owie

Related Posts

SWIFT

SWIFT Tests CBDC Interoperability To Enable Cross-border Payments

4 days ago
Russia

Russia To Legalize Cryptocurrency As Form Of Payment, Minister Says

1 week ago
CBDC

Nigeria To Upgrade CBDC For Wider Use As Crypto Restrictions Cripple Fintech Sector

2 weeks ago
crypto

EU Citizens Strongly Oppose CBDCs, But What About Crypto?

1 month ago
Kakao

South Korean Tech Giant Kakao Acquires Majority Stake In A Japanese Crypto Exchange

2 months ago
crypto

Rio De Janeiro To Enable Crypto Tax Payments Starting Next Year

2 months ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.