Yes, the Central Bank Digital Currency (CBDC) known as the eNaira is currently in use in Nigeria, having been launched in October 2021 as Africa’s first retail CBDC. Despite its official availability and technical integration into the Nigeria Inter-Bank Settlement System, adoption remains critically low, with reports indicating that up to 98.5% of issued wallets have never been used and only a small fraction of the population actively utilizes the digital currency. 

Key aspects of eNaira usage include:

Low Adoption Rates: While the Central Bank of Nigeria (CBN) reported modest growth in wallet numbers, independent assessments and IMF data suggest the currency has failed to gain significant traction among the general public, who largely prefer physical cash or cryptocurrencies. 

Government Push vs. Public Resistance: The CBN has attempted to boost usage through measures such as contactless payment upgrades, discounts for cab fares, and integrating eNaira into banking apps, but these efforts have not overcome public skepticism or the preference for traditional cash. 

Strategic Reevaluation: Following the arrest of former CBN Governor Godwin Emefiele and a period where the CBDC was deprioritized, current leadership has indicated plans to reevaluate the eNaira project in 2025 to determine its future viability and strategy. 

“It’s now 2026. What happened with the reevaluation?”

As of 2026, the reevaluation of Nigeria’s eNaira CBDC, initiated in 2025, has culminated in a significant strategic shift. The Central Bank of Nigeria (CBN), under Governor Olayemi Cardoso, has acknowledged the eNaira’s failure to gain meaningful adoption despite its technical operation. The comprehensive review identified persistent barriers such as low public trust, poor digital infrastructure, and a strong preference for physical cash. 

The key outcome of this reevaluation is that the CBN has effectively deprioritized the eNaira and formed a new task force to explore the development of an official Nigerian stablecoin.  This move, reported in October 2025, signals a potential pivot away from the current CBDC model towards a system that may better align with market dynamics and user preferences, potentially leveraging the country’s vibrant cryptocurrency ecosystem. While the eNaira platform still exists, its future is uncertain as the central bank focuses on this new stablecoin initiative in partnership with international bodies like the IMF and World Bank. 

“Why was former CBN Governor Godwin Emefiele arrested?”

Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), was initially arrested in June 2023 by the Department of State Services (DSS) shortly after President Bola Tinubu took office. The immediate, publicly stated charge was the illegal possession of a firearm and ammunition, which many viewed as a pretext for a broader investigation. 

The primary reason for his arrest and subsequent prosecution stems from serious allegations of financial crimes and corruption during his tenure as CBN Governor.  Key charges brought by the Economic and Financial Crimes Commission (EFCC) and other agencies include:

Fraud and Money Laundering: Accusations of embezzling over $6 million by allegedly forging a presidential cheque and laundering funds through proxy accounts. 

Criminal Breach of Trust and Abuse of Office: For allegedly awarding himself and associates multimillion-naira contracts and benefits without due process. 

Illegal Acquisition of Property: Specifically, the alleged unlawful acquisition of a housing estate with 753 units in Abuja. 

Illicit Foreign Exchange Allocation: Facing charges related to the fraudulent allocation of $2 billion in foreign exchange. 

Forgery: For allegedly forging documents, including an “Irrevocable Power of Attorney,” to facilitate illicit transactions. 

His arrest followed intense scrutiny of his controversial policies, such as the rushed naira currency redesign, and his attempt to run for president, which was seen as overstepping his role. The investigation, led by a presidential panel, uncovered evidence of widespread financial misconduct, leading to multiple charges