Nigeria witnessing increased CBDC adoption nearly 18 months after launching its national CBDC amid an acute cash crisis. The value of eNaira transactions has increased to 22 billion nairas ($47.7 million). Nigeria is witnessing an increased Central Bank Digital Currency [CBDC] adoption nearly 18 months after launching as national fiat reserves face shortage. The central […]
The central bank’s decision to replace older notes with larger denominations amid inflation has caused Nigeria’s cash crunch. While developing countries were among the first to recognize the value of a CBDC, the concept is yet to be put into practice in most parts.
Nigerians have been faced with record-high inflation of 21%, as well as a shortage of the newly redesigned naira. The governor of the Central Bank Godwin Emefiele said that the number of CBDC wallets grew more than 12 times compared with October 2022.“The eNaira has emerged as the electronic payment channel of choice for financial inclusion and executing social interventions,”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Florida CBDC ban: Governor cites ‘reckless adoption’ of digital dollarFlorida Governor Ron DeSantis has called for a state-wide CBDC ban. DeSantis stated that he hoped to have CBDC legislation on his desk for approval by 2023. Florida Governor Ron DeSantis, a potential presidential candidate in 2024, has called for a state-wide ban on central bank digital currency (CBDC). He opined that the Biden administration’s […]
Read more »
Bill to block retail CBDCs in Texas? Senator Ted Cruz suggests…U.S. Senator Ted Cruz introduced legislation to block the Federal Reserve from issuing a retail CBDC. The Texas lawmaker has argued that such a CBDC would violate the financial privacy of U.S. citizens. Texas Senator Ted Cruz introduced legislation to block the Fed’s attempt to develop a Central Bank Digital Currency [CBDC]. The Republican senator […]
Read more »
‘Gangs Of Lagos’: Prime Video Announces First African Original MoviePrime Video is taking audiences to Africa with 'Gangs of Lagos'. The streamer announced its first original African movie on Monday set in Nigeria. The film comes from acclaimed filmmaker, Jáde Osiberu, who serves as director and stars Tobi Bakre, Adesua Etomi-Wellington, Chike Osebuka, Chioma Chukwuka, and Iyabo Ojo. [readmore label='READ MORE: ' link='https://etcanada.com/news/974029/citadel-trailer-priyanka-chopra-jonas-and-richard-madden-join-forces-to-fight-a-new-world-order-in-prime-video-series/' text='‘Citadel’…
Read more »
Air passenger complaints triple in one year to pass 42,000 as backlog growsThe number of air passenger complaints to Canada\u0027s transport regulator is soaring, more than tripling to 42,000 over the past year
Read more »
Air passenger complaints triple in one year to pass 42,000 as backlog growsThe number of air passenger complaints to Canada\u0027s transport regulator is soaring, more than tripling to 42,000 over the past year
Read more »
Air passenger complaints triple in one year to pass 42,000 as backlog growsThe number of air passenger complaints to Canada\u0027s transport regulator is soaring, more than tripling to 42,000 over the past year
Read more »