While many countries are coming up with their CBDCs, not all are doing an equal job at it. In the case of Nigeria, the newly released e-Naira has been a failure, according to most experts. Experts have come up with this argument at a time when the Central Bank of Nigeria is claiming that many citizens are eager to switch to e-Naira. According to multiple cryptocurrency and blockchain experts, the reality is very different from what the Central Bank and the government is claiming.
Aniekan Fyneface is a leading crypto expert in Nigeria. In an interview with Bitcoin News, he said that the government has done nothing to promote the e-Naira or explain its benefits to the users. On the other hand, private cryptocurrencies are offering much more than what the e-Naira could. As a result, people with experience and expertise in digital assets prefer cryptocurrencies over e-Naira. While the government claims that many people are interested in e-Naira, in reality, they have very little information about what it is and how it benefits. The core technology of the e-Naira is also underdeveloped, making it a failure among tech enthusiasts.
CBDC, or Central Bank Digital Currency, is an official digital currency of a country. Many countries, including Russia and Switzerland, have rolled out their CBDCs. If used correctly, CBDCs have a huge potential of cutting transaction fees, especially cross-border payment fees. Whether Nigeria improves the e-Naira or not is still a matter of speculation.