The Central Bank of Nigeria establishes a stablecoin working group, and the eNaira project faces a sustainability crisis

ChainCatcher news, Nigeria's Central Bank (CBN) Governor Olayemi Cardoso announced after the World Bank and International Monetary Fund annual meetings in Washington that the central bank has collaborated with the Ministry of Finance and other financial regulatory bodies to establish a dedicated task force to assess the framework and impact of launching an official Nigerian stablecoin.

According to IMF 2023 data, only 0.5% of Nigerians adopted the eNaira one year after its launch, with 98.5% of wallets remaining inactive. Although the number of eNaira wallets reached 13 million by early 2024, most of them are unused.