Part 10/11:
Nigeria’s experience reveals the potential pitfalls of rapid digital transformation without sufficient public buy-in or infrastructure. While intended to modernize the economy, the policy has instead ignited economic hardship and social unrest. It underscores the importance of tailoring reforms to local contexts and addressing foundational issues such as poverty, financial inclusion, and trust in government.
Moreover, the move to digital currency raises critical questions: Will governments be tempted to leverage CBDCs for increased surveillance and tax enforcement? Will cash continue to be demonetized globally, leading to a cashless society where individual financial privacy is compromised?