The Central Bank of Nigeria establishes a stablecoin task force as the eNaira project faces an existential crisis

Jinse Finance reported that Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), announced after the conclusion of the World Bank and International Monetary Fund annual meetings in Washington that the central bank has established a dedicated task force in cooperation with the Ministry of Finance and other financial regulatory agencies to assess the framework and impact of launching an official Nigerian stablecoin. According to IMF 2023 data, only 0.5% of Nigerians adopted the CBN's eNaira one year after its launch, with 98.5% of wallets remaining inactive. Although the number of eNaira wallets reached 13 million at the beginning of 2024, the majority remain unused.