Analysis: Nigeria’s CBDC is used by less than 0.5% of the population

According to Nicholas Anthony's analysis, the Nigerian government is trying to promote the transition to a cashless economy by implementing a central bank digital currency (CBDC). However, restrictions on cash usage have sparked protests from the public, demanding the restoration of paper currency. Despite the government's efforts to promote the adoption of CBDC, such as lifting access restrictions and providing payment discounts, these measures have proven to be futile. Furthermore, with cash withdrawal restrictions and currency redesign, the situation has worsened, leading to a cash shortage and escalating public dissatisfaction. Therefore, the adoption rate of the Nigerian CBDC remains low, with only less than 0.5% of the population using it, while over 50% have already accepted cryptocurrencies.