As the first digital coin was launched by an African Central Bank, the President stated that it can increase the country’s GDP by $29bn over a span of 10 years. His claims were followed by the CBN officials that claimed that it would allow financial inclusion of all Nigerians and henceforth boost the oil-producing country’s economy.
This financial inclusion would allow an estimated 200 million unbanked Nigerians to access financial services. So, has this plan succeeded or was it a pipe dream. Financial Analysts have been looking into this and it sure seems like it has succeeded where other forms of banking have failed in the past.
They reported that over 33 million Nigerians have been trading or own cryptocurrency. This is an upsurge in the adoption of cryptocurrency as a means of paying for daily expenses.