Core Insights - Nigeria's central bank has established a task force to explore the adoption of stablecoins, raising concerns about the future of the eNaira digital currency [1][2] - The eNaira has seen sluggish adoption, with only 0.5% of Nigerians using it a year after its launch, and 98.5% of wallets remaining inactive [3][5] - The Central Bank of Nigeria (CBN) is collaborating with the Ministry of Finance and other regulators to assess the implications of introducing an official Nigerian stablecoin [2][8] eNaira Performance - The total transaction volume for the eNaira since its launch is approximately ₦29.3 billion, with over 850,000 transactions recorded, which is significantly low for a country with over 200 million people [4] - By early 2024, the number of eNaira wallets reached 13 million, but most remain unused, indicating a lack of engagement [3][4] - The eNaira mobile app has been removed from Google Play, and the USSD code for access is no longer functional, further complicating user access [4] Public Sentiment and Challenges - Public sentiment towards the eNaira is largely negative, with users expressing frustration over its usability and lack of benefits compared to cash or private cryptocurrencies, leading to nicknames like "E-vanish" and "E-dead" [6][7] - The CBN has acknowledged the failure of the eNaira to gain widespread acceptance, attributing it to low awareness and inadequate user education [5][6] Future Directions - Efforts to revive the eNaira include a partnership with blockchain firm Gluwa to enhance technical infrastructure and plans to expand its use for government payments [6] - CBN Governor Olayemi Cardoso emphasized the importance of balancing innovation with risk management in discussions about stablecoins during global financial meetings [8]

Group 1 - Morocco's payment accounts reached 13.8 million with a transaction scale of $4.36 billion, and electronic payments increased from 23% to 26% [1] - The Central Bank of Morocco remains cautious about the promotion of digital currency, focusing on whether it can create actual use value rather than just technical capabilities [1] - International experiences are emphasized as crucial for anticipating changes and learning effective lessons in the context of digital currency [1] Group 2 - A total of 137 countries and currency unions are exploring digital currencies, covering 98% of the global economy, with 72 jurisdictions in advanced stages of development, testing, or launch [2] - Countries like the Bahamas, Jamaica, and Nigeria have achieved nationwide deployment of digital currencies, although Nigeria's eNaira has seen poor adoption with an active wallet usage rate below 1.5% [2] - The Central Bank of Morocco is conducting interoperability pilot projects with the Central Bank of Egypt, supported by the World Bank, to assess user reactions and detect technical flaws [2]