by Martin Armstrong, Armstrong Economics:
The transition to CBDC in Nigeria did not go as planned. The elites always seek out African nations to use as their test subjects. Nigeria attempted to slowly roll out the program dubbed eNaria built on the Hyperleger Fabric blockchain. The Central Bank of Nigeria (CBN) is solely responsible for running the nodes of this digital currency. Beginning stress tests stated this currency could execute 2,000 transactions per section. In October 2021, the government began offering incentives to citizens who chose to CBN.