Imagine you live alone and walk into a local food market in Lagos, the Nigerian commercial capital, to buy a week’s worth of basic food items. In less than 15 minutes, you would find that you’ve spent at least 10,000 Naira (or US$24 at the official exchange rate of US$1 = 416 Naira). This may […]
eNaira: Nigeria’s digital currency has had a slow start
Nigeria was the first country in Africa to roll out a central bank digital currency. The eNaira was launched in October 2021. The main reasons were to promote financial inclusion, increase cross-border transactions, facilitate diaspora remittances and complement existing payment systems. But adoption has been low so far. Less than 0.5% of Nigerians were using […]