Part 1/12:
The Shocking Reality of Nigeria’s CBDC and Its Humanitarian Consequences
Introduction: A Look into Nigeria’s Digital Currency Experiment
Recently, a startling report has brought to light the profound and often overlooked consequences of Nigeria's ambitious push towards a cashless economy through the implementation of its Central Bank Digital Currency (CBDC), known as the digital naira. Nigeria was among the first nations globally to introduce retail digital currency back in 2021, a move that was initially met with skepticism and low adoption rates. Now, just a couple of years later, the country faces a crisis of unprecedented severity, revealing the deep societal struggles rooted in this financial transition.