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Central Bank of Nigeria Establishes Stablecoin Working Group, eNaira Project Faces Existential Crisis
Summary: According to reports, Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), announced in Washington after the World Bank and International Monetary Fund annual meetings that the central bank has collaborated with the Ministry of Finance and other financial regulatory agencies to establish a dedicated working group to assess the framework and impact of ...
According to reports, Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), announced in Washington after the World Bank and International Monetary Fund annual meetings that the central bank has collaborated with the Ministry of Finance and other financial regulatory agencies to establish a dedicated working group to assess the framework and impact of launching an official Nigerian stablecoin. Based on IMF data from 2023, only 0.5% of Nigerians have adopted the eNaira introduced by the Central Bank of Nigeria a year later, with 98.5% of wallets in inactive status. Although the number of eNaira wallets reached 13 million in early 2024, the majority remain unused.
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Link: Central Bank of Nigeria Establishes Stablecoin Working Group, eNaira Project Faces Existential Crisis [Copy]
