The central bank of Nigeria launched its CBDC, called the eNaira, in the fall of 2021
Nigerians recently took to the streets to protest a cash shortage caused by government policies adopted in order to push the country into the adoption of its central bank digital currency (CBDC). Protesters attacked bank ATMs and blocked streets.
According to reporting by the news outlet, the protests erupted when bank customers couldn’t access their cash or change old banknotes for new ones. Tensions ratcheted up when the government set a February deadline to change old notes.
According to the agencies, the Central Bank of Nigeria introduced the redesigned notes last fall.But there is an underlying reason for the new policy that a news agency only mentions in passing.
The Central Bank of Nigeria launched its CBDC, called the eNaira, in the fall of 2021. Central Bank of Nigeria Deputy Governor Kingsley Obiora said people just need “a little push from the government,” and they will embrace the eNaira.
A cashless society is sold on the promise of providing a safe, convenient, and more secure alternative to physical cash. We’re also told it will help stop dangerous criminals who like the intractability of cash. But there is a darker side, the promise of control.
Imagine if there was no cash. It would be impossible to hide even the smallest transaction from the government’s eyes. Something as simple as your morning trip to the local café wouldn’t be a secret from government officials anymore.