Nigeria has recently implemented a Central Bank Digital Currency (CBDC) to address the issue of cash shortages. The country has introduced MoonPay integration to facilitate digital transactions.
Nigeria is currently facing a severe cash shortage, which has been attributed to the central bank's decision to replace older banknotes with larger denominations, coinciding with rising inflation. In response to this issue,
Nigeria has implemented an in-house central bank digital currency (CBDC), eNaira, which has seen a surge in adoption. The value of eNaira transactions has increased by 63% to $47.7 million (22 billion naira), with the total number of CBDC wallets growing more than 12 times since October 2022..
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