Consumer’s Technology Readiness and Adoption of Central Bank Digital Currency in Nigeria
The recent redesign of Nigeria’s currency, the Naira, resulted in cash shortages, significantly impacting consumers. Despite the Central Bank of Nigeria’s (CBN) efforts to promote the adoption of the e-Naira as a means for transactions, the digital currency did not achieve the anticipated success. This was attributed to consumers’ habits of utilising bank transfers and debit cards for transactions, rendering the adoption of digital currency less attractive than initially envisaged. Although the majority of Nigerian consumers possess smartphones and have reasonable internet accessibility, policymakers have overlooked their preparedness for integrating the e-Naira into their transactional practices. This study offered policy recommendations aimed at enhancing citizens’ readiness to embrace Central Bank Digital Currency (CBDC) for their day-to-day transactions. It advocates for the refinement of e-Naira features, mitigation of infrastructural deficiencies, and the strategic deployment of targeted influencer campaigns within communities to augment its adoption prospects among Nigerians.
