Part 2/12:
Nigeria’s government launched its CBDC with the goal of modernizing its economy and reducing reliance on physical cash. However, the rollout encountered immediate challenges. The adoption rate was initially an anemic 0.5%, signaling widespread resistance or inability to access or trust the new system. To accelerate the transition, authorities implemented strict cash withdrawal limits, effectively restricting people's access to their own money. Citizens could only withdraw approximately $225 per week in cash, with a daily cap of $45, forcing many to pay premiums to obtain physical cash.