Digital Currency Ignored in Nigeria Looks for Street Credibility
Join Our Telegram channel to stay up to date on breaking news coverage Nigeria’s central bank is looking to the country’s three-wheeler taxi drivers to expedite the adoption of the eNaira a year after creating Africa’s first digital currency, while authorities across the world closely watch its every move. Drivers and passengers of the motorized rickshaws, locally referred to as Keke Napep, who use the eNaira are eligible for a 5% discount. It’s the most recent effort to revive the virtual currency, which has only attracted one in 200 citizens of the continent’s most populated nation. Many Nigerians are confused by the central bank’s concentration on cryptocurrencies because they cannot distinguish between the eNaira, which is backed by the government, and cryptocurrencies. The massive promotion of the eNaira at the same time that authorities are cracking down on cryptocurrencies has drivers of Keke Napep, the most popular mode of transporta...