I was watching Kakaki AIT yesterday morning and Economy experts were saying some the reasons why the e-naira (cashless policy) is not working and how to achieve the purpose of the cashless policy agenda. According to she, federal government should provide an awareness campaign for the e-naira. She again, because of of no awareness given to the youth that is why they are using cryptocurrency more than the e-naira.
IMO, it is not because of awareness that the e-naira is not popular, people know about the e-naira and know also that the benefits do not outweigh that of cryptocurrency. It is still not the number one choice for people when the two options are presented. If the government is to convince the youth to begin and adopt to usage of the e-naira, it must be able to outline the benefits that it has without comparing it to cryptocurrency. Making a comparison to know the better between cryptocurrency and the e-naira will be a lost battle for CBDC's for the well informed youths.
You are right. The CBN's first approach killed the entire project, and lack of awareness also contributed to the project's demise. CBDC has no comparison with bitcoin/crypto, it's still fiat but it gives you more access to be your own bank, unlike bank apps where you don't have access to most features, the e-naira app solves that. It was a good project, and I believe the new cashless policy will revive it..
No currency 4 dis world wey no dey dirty or get squeezed but d authenticity of d currency fit withstand more time. But e no bad reach make naija currency be like dis 4 just a day, na lie dem dey like, na mischief makers do am like dat, no be d currency weak reach so. See, conditions dey wey u go subject dis currency to wey go make am look liks dis. Dem fit do am so to get public attention, which fit send traffic to their website with other benefit wey fit follow.
There are money handling policies in the eastern world; if you squeeze a US dollar in that manner, you will be arrested or the money will be rejected because banks do not accept or distribute dirty notes. Nigeria has far too much freedom, which makes us appear foolish.