Nigeria's Central Bank (CBN) has established a task force to investigate the adoption of stablecoins, as announced by CBN Governor Olayemi Cardoso. This move comes amid ongoing challenges with the eNaira, Nigeria's digital currency launched in 2021, which has seen limited uptake with only 0.5% of the population using it a year post-launch. Despite attempts to boost its usage, including a partnership with Gluwa in March 2024, the eNaira remains underutilized. In contrast, stablecoins have gained significant traction in Nigeria's crypto market, with $22 billion in transactions recorded from July 2023 to June 2024. The task force aims to explore how stablecoins can be integrated into Nigeria's financial system, potentially offering a more effective digital currency solution.
Nigeria's Central Bank Forms Task Force to Explore Stablecoin Adoption
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