A year after Nigeria launched its CBDC shitcoin, only less than 0.5% of Nigerians are using it according to a Bloomberg report.
The Government of Nigeria launched its Central Bank Digital Currency (CBDC) dubbed the eNaira in 2021. One year later, the results are in.
At only a 0.5% adoption rate, the eNaira is failing. Comparing with Bitcoin which boasts a 10 – 30% adoption rate despite crackdowns, bans, and outright sabotage of exchanges, the government coin is failing on all levels.
The poor performance of the eNaira is perhaps surprising to the IMF, the Federal Reserve and the ECB that also want to launch CBDCs, but not to Bitcoiners who have predicted this dim performance.
What does Bitcoin mean to Nigerians?
Bitcoin brought back free choice and market participants choose value, not propaganda. The choose hard money, not tissue. Government money cannot survive in competition with Bitcoin.
The naira has been devalued by 40% in the past year. But with a CBDC like the eNaira, could see even more rapid devaluation. CBDCs are simply figures in a database, figures can be inflated in seconds and wallets can be locked and fund seized without due process.
Paper notes, when overly printed, become the central bank’s dirty laundry. Digital dirty laundry.
Nonetheless, the Central Bank of Nigeria will continue promoting their CBDC to the nation’s 200 million citizens like the band on the sinking titanic.
