The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced after the conclusion of the annual meetings of the World Bank and international monetary funds in Washington that the central bank has formed a dedicated working group in collaboration with the Ministry of Finance and other financial regulators to assess the framework and implications of launching an official Nigerian stablecoin.
According to IMF data for 2023, the Central Bank of Nigeria's eNaira was adopted by only 0.5% of Nigerians a year after its launch, and 98.5% of wallets were inactive. While the number of eNaira wallets reached 13 million in early 2024, most were unused.
The Central Bank of Nigeria has established a stablecoin task force, and the eNaira project is facing an existential crisis
2025-10-22 15:54:32
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