Africa’s First CBDC Push Encounters Slow Progress, IMF Says

Public adoption of Nigeria's eNaira turned out to be ‘disappointingly low’

People argue while in line outside a bank in Lagos, Nigeria, on Feb. 22, 2023, ahead of the presidential election scheduled for Feb. 25, 2023. Patrick Meinhardt/AFP via Getty Images

The Central Bank of Nigeria’s (CBN) efforts to make citizens adopt the eNaira central bank digital currency (CBDC) and move away from cash have been unsuccessful, according to a report by the International Monetary Fund (IMF).

The eNaira, launched by the CBN on Oct. 25, 2021, was Africa’s first CBDC. In a May 16 IMF report, the organization analyzed the adoption of the eNaira after one year.