Nigeria’s CBDC program called ‘a very dark experiment’ Nigeria’s CBDC program called ‘a very dark experiment’

Nigeria’s CBDC program called ‘a very dark experiment’

The Nigerian central bank had doubled down on cash restrictions, triggering chaos in the country.

Nigeria’s CBDC program called ‘a very dark experiment’

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Referencing the e-Naira, Journalist Nick Corbishley said, “A very dark experiment is underway in Nigeria.”

In a tweet posted on Feb. 16, as riots broke out across several Nigerian cities, Corbishley said a failure to convince citizens to adopt the e-Naira has led to a doubling down by the central bank.

Since October 2021, 99.5% of Nigerians have refused to use the central bank’s digital currency, the so-called e-Naira, preferring to continue using cash. So what did the central bank do? It doubled down.

Drawing parallels with what happened in India in 2016, in which high-value bills were demonetized, Corbishley pointed out that Nigerian officials ruled a similar move in December 2022.

The goal is to make it much more difficult for Nigerians to use cash. And it’s working like a dream/nightmare.”

This policy has culminated in a severe cash shortage triggering anger and disruption as businesses refuse to accept old denominations. Incidentally, a general election is set to occur on Feb. 25.

CBDC global expansion on the way

Corbishley said people would die, as they did in India, and businesses will close, turning daily life on its head in the country. However, according to Corbishley, the Nigerian government and central bank “say the pain is worth it.”

Citing data from the Atlantic Council in which 95% of countries are exploring a CBDC, this monetary experiment is coming our way, Corbishley said.

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