on Business Edge as we look into the critical challenges facing the adoption of Nigeria's digital currency, the eNaira, with expert insights from Solomon Amunde, a seasoned crypto analyst. Despite its launch in 2021 aimed at enhancing financial inclusion and streamlining payments, the eNaira has recorded only N29.3 billion in transactions over three years, a fraction compared to the trillions in electronic transactions nationwide. We discuss the reasons behind this slow uptake, including potential resistance from banks and communication issues regarding the benefits of the eNaira. Solomon also evaluates whether the eNaira has met its intended goals, such as improving revenue collection and direct government payments. Furthermore, we explore the broader implications of digital currency in Nigeria, including data privacy concerns and the potential impact of new Central Bank digital currency initiatives.
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