The Central Bank Digital Currency (CBDC), popularly called e-Naira, is growing faster than the expectation of pundits. It was greeted with scepticism after the launch in October 2021 as Nigerians wondered what it was about when internet banking was already part of the monetary system.
Many didn’t know that e-Naira, a non-physical currency, was different from internet banking. A cross section of them thought it was the same as cryptocurrency, like Bitcoin, Ethereum, etc., which the Central Bank of Nigeria (CBN) warned against as it is unregulated.
Even some economists and scholars expressed doubts over the quick acceptance of the e-Naira. Some concluded it was another failed government project in the making. But the CBN had ideas. The first thing was to lecture Nigerians on its difference in comparison to cryptocurrency.
The apex bank has been educating the public on the difference between internet banking and digital currency,…
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