Part 9/12:
Nigeria’s digital naira utilizes blockchain technology similar to cryptocurrencies like Bitcoin and Ethereum. It is stored in digital wallets managed directly by the Central Bank, which offers stringent access controls. Essentially, each wallet acts as a deposit at the central bank, increasing government oversight and control over individual finances. While touted as a means to modernize financial systems, this design limits user autonomy and can lead to increased government monitoring and restrictions.