Blockchain Could Have Prevented Nigeria’s Naira Scarcity — Local Experts

Blockchain technology has the potential to address economic challenges in Nigeria and across the African continent, as highlighted by local blockchain experts who pointed to Nigeria’s currency flow issues as a key example.

During the Digital Assets Summit 2023 organized by the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN) in Abuja, participants examined the previous government’s decision to introduce new naira notes—Nigeria’s official currency—and the nation’s recent initiatives to enhance the adoption of central bank digital currency (CBDC). These factors contributed to a significant shortage of naira in circulation at that time.