The adoption of the eNaira, Nigeria's digital currency, has been hindered by a previous ban on cryptocurrencies in the country. Despite Nigeria's high ranking in the Global Crypto Adoption Index, legal expert Chinedu Albert believes that government policies and inflation have contributed to the slow adoption of the eNaira. The eNaira, which was launched in 2021, has faced challenges in gaining acceptance among merchants and the general public. The International Monetary Fund (IMF) has reported low transaction numbers for the eNaira, indicating minimal usage. To improve adoption, Albert suggests that the government needs to build trust in the national currency and the central authority overseeing it. The IMF views the partnership between the Central Bank of Nigeria and Flutterwave as a de-risking measure rather than a boost for eNaira adoption.
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