TL;DR
- Central Bank Adoption: The Central Bank of Nigeria referenced a 2020 Ripple Labs study, indicating 85% of payment leaders from 22 nations anticipate a CBDC launch in their countries within the next four years.
- National Digital Currency Update: By 2022, 100 CBDCs were in progress, with Nigeria’s eNaira and the Bahamian sand dollar as notable launches. However, Nigerians have been slower to embrace the eNaira compared to global cryptocurrencies.
- Crypto Popularity in Nigeria: Amidst inflation challenges, Nigeria’s young, tech-savvy population is driving rapid cryptocurrency adoption, propelling the nation to the second spot on Chainalysis’ 2023 Global Crypto Adoption Index.
In a recent study on central bank digital currencies, the Central Bank of Nigeria cites Ripple Labs research to support its findings about CBDCs.
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