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Nigeria stands out as the first African nation to implement a CBDC—the e-Naira—launched in October 2021. Despite economic challenges, including cash shortages that restrict citizens to withdrawing roughly $45 weekly, Nigeria continues to push forward with the project.
Interestingly, Nigeria is now seeking to develop its own software for the e-Naira to maintain full control over its digital currency. Initially developed in partnership with US fintech firm VYD Inc., the Nigerian Central Bank (CBN) aims to regain ownership of the technological infrastructure. This move suggests a desire for sovereignty and independence in managing the digital currency, raising questions about ownership and control in international collaboration.