Part 11/12:
Nigeria’s experience provides a vivid cautionary tale about the perils of swiftly transitioning to a cashless society without adequate safeguards or provisions for vulnerable populations. It exposes how digital currencies, if implemented without careful planning, can deepen inequality and cause suffering rather than promote progress.
As nations worldwide observe Nigeria’s journey—particularly those considering their own CBDC projects—the lessons are clear: financial inclusivity and respect for human needs should always remain at the forefront of digital currency initiatives. The Nigerian case emphasizes that economic reforms must be nuanced, inclusive, and mindful of societal realities to avoid unintended humanitarian crises.