Ways To Make Nigerians Embrace Digital Currency
EGUNGWU CHUKWUKA BENJAMIN T he introduction of eNaira and cNGN stable coin (crypto currency) is a great concept to aid digital trading in Nigeria, but might not aid in stabilizing the Naira. Nigeria is the first country in Africa to roll out a digital currency by the central bank. Recall that the Central Bank of Nigeria (CBN) launched eNaira (a digital currency) on 25th October, 2021, with the intention of making transaction seamless and easier. On 29th December, 2023, report emerged on national dailies, stating that Nigerian banks – Access bank, Sterling bank, First bank, Providus bank – were in collaboration with payments companies – like Budpay, Kora (formerly KoraPay), Interswitch, Blockchain consultants Convexity and Interstellar – to create a stable coin, cNGN. This is after the federal government lifted the ban on cryptocurrency. Each was created to serve as legal tender, equivalent to the physical Naira (cash). The introduction of cNGN coin wa...