In the recent past, Nigeria’s CBDC launch and its subsequent rise in use within a month have overshadowed the struggles that Nigerians are going through to trade cryptocurrencies. The Nigerian Central Bank launched digital Naira after some delays, but the motive was to curb the use of private cryptocurrencies such as Bitcoin and other altcoins.
eNaira has already proven to be a great success in terms of adoption as the number of wallet downloads crossed 500,000. 78,000 merchants from 160 countries have also enrolled for the use of CBDC and a total of $155,000 worth of eNaira has been transacted since launch. The CBDC launch has also successfully brought down Bitcoin trading volume in the region by one-fourth. However, several Nigerian traders are still risking police arrests and growing scams as it is the only livelihood they have, making profits on the crypto trade.
Adebayo Sulaimon, a crypto trader in the country was recently arrested for trading cryptocurrencies and was released o
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