Nigerian tech and innovation legal expert Chinedu Albert said eNaira adoption will only happen when the government gains the trust of Nigerians and the naira attains a more trusted status.
The Central Bank of Nigeria’s 2021 ban on regulated financial institutions from servicing crypto exchanges significantly hampered the adoption of the eNaira central bank digital currency (CBDC), according to Nigerian tech and innovation legal expert Chinedu Albert.
In an interview with Cointelegraph, Albert said the Nigerian CBDC is still a lofty idea representing the government’s response to its “ill-advised” blanket ban on cryptocurrency and other digital assets.
In 2021, Chainalysis ranked Nigeria high in its Global Crypto Adoption Index, reflecting the demand for a currency unaffected by government policies and inflation, which are features offered by some cryptocurrencies. However, Albert stated that the eNaira faces low adoption because it lacks this shielding element, an essential quality of cryptocurrencies.
