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Crypto Ban in Nigeria Stalls eNaira Adoption Despite Global Recognition

Chinedu Albert, a legal expert specializing in Nigerian tech and innovation, has attributed the challenges facing the adoption of the eNaira, the Central Bank of Nigeria’s digital currency (CBDC), to a previous crypto ban. In an exclusive interview with Cointelegraph on December 29, Albert described the eNaira as an ambitious concept. However, he observed that it reflects the government’s response to its “ill-advised” decision to enforce a sweeping ban on cryptocurrencies and other virtual assets on February 5, 2021. In 2021, Chainalysis data revealed that Nigeria secured the sixth position in the Global Crypto Adoption Index, boasting an overall score of 0.26%, slightly surpassing the United States at 0.22%.

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