Following its commitment to discourage the adoption of crypto assets in Africa’s most populous nation, the Central Bank of Nigeria hints at releasing the pilot phase of its digital currency “CBDC” despite Nigeria ranking top among the lists of countries with the highest crypto adoption according to a report by Statista.
Crypto ban
It can be recalled that the Central Bank of Nigeria on February 5, 2021, reached out to banks and financial institutions in the country to suspend transactions on crypto-assets though denied it did ban Nigerians from trading rather shut out crypto from being aided by a bank/financial institutions.
Though a decision that attracted criticism from citizens and analysts in the most populous black nation including the vice President who called for its regulation and not a ban given its economic importance in the post-COVID-19.
The apex bank did not shift ground rather made bold to reiterate its position to stamp out the use and adoption of the flagship crypto (Bitcoin) and related assets in Nigerians.
Why the aggressive crypto adoption in Nigeria
It became a raising concern that Nigerians were taking to Bitcoin ahead of the Naira, this approach was spurred by the vast use of mobile devices among young Nigerians who can access the internet and the world from the comfort of their mobile phones.
Another factor that hugely contributed to crypto adoption in Nigeria may not be unconnected with the fact that the Naira has been devalued three times, as such has been on a free fall against the USD which suggests that it’s safer for citizens to have their money stored in a stronger currency.
You may not underscore the fact that the bane of unemployment in Nigeria had driven crypto adoption immensely, remarkably there’s no truth in downplaying the fact that investors in the assets make huge returns on a slight price shift thus a major reason young Nigerians who are mostly affected by unemployment found solace in cryptocurrency.
Post crypto ban alternative
While crypto transactions were suspended by the banks on CBN directive, Nigerians resort to P2P trading from exchange platforms like Remitano, Paxful and their like to buy and sell their assets which had them remain in business since that provides even the fastest playing ground for crypto trading, investment, and adoption.
It was not difficult to see that Nigerians were fast dumping the naira for Bitcoin, and relatively a situation the CBN did not find funny.
The fact that Bitcoin and other assets are neither controlled nor regulated by any Central Bank in the world remains a huge cause for concern as the CBN governor, Godwin Emefiele subsequently noted.
The adoption of e-Naira and why it’s not the way forward
Given this, where and how the e-Naira will solve the problem of the Nigerian economic deficit remains a huge concern. It will not in any way reduce/eliminate inflation nor improve output.
As bad as it is, the exchange rate is NGN 570/$ at the parallel market as at the time of writing this article, the CBN has failed to at least unify the exchange rate.
The e-Naira will not bring deflation nor improve output in any way so why the project at this time?
The CBDC is a digital version of the fiat currency with the same value.
The bitter truth is that the e-Naira is not an alternative to cryptocurrency rather a digital substitute to the Naira which will only aid the cashless policy of the government
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Online food ordering using an effective Food Delivery Management Software has become a general, modern concept among all major food and beverages businesses across the globe.
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