Part 4/11:
The Nigerian government’s push towards a cashless economy was driven by multiple objectives. Foremost was the desire to combat tax evasion, increase government revenues, and bring more transactions into a traceable, formal financial system through the adoption of CBDCs. The Central Bank of Nigeria (CBN) championed the digital naira (e-naira), banking on the familiarity many Nigerians have with cryptocurrencies like Bitcoin, which they had been using actively. This familiarity suggested an easier transition to digital currency — an expectation that has proven overly simplistic.