Introduction
The Nigerian economy has been in a state of flux since the introduction of the Central Bank Digital Currency (CBDC) known as the eNaira. The government’s restrictions on cash withdrawals – limiting them to $225 per week or 100,000 naira – is an example of their attempt to drive consumers towards alternative options like the CBDC.
Central Bank of Nigeria’s Intentions
Godwin Emefiele, Governor of the Central Bank of Nigeria, believes that introducing the CBDC will ensure more people are financially included and help keep pace with changing global trends. However, many Nigerians have found that this policy has resulted in a situation where individuals are being “un-banked” rather than “banking the unbanked”.
Financial Control
The well-informed youth of Nigeria recognize that these regulations are actually about gaining financial control over citizens through a cashless policy. With complete control over citizens’ finances, they can position their surveillance CBDC eNaria as the final destination for all transactions.
Opposition To Government Restrictions
Many Nigerians have taken to social media to voice their opposition to these policies, such as Oluwasegun Kosemani who tweeted on February 2nd, 2023 just two days after a deadline set by CBN for old naira notes to be returned: “I just spent 1000 Naira from my Naira @Mastercard by @gtbank to buy 10,000 Naira cash from a @palmpay_ng POS. The Nigerian government is intentionally forcing its citizens into a cashless Keynesian economy while they position their surveillance CBDC – eNaria as final destination.”
Conclusion
In conclusion, it is clear that these restrictive policies are implemented not only with intent to increase financial inclusion but also with an intention to gain more control over citizens’ finances by pushing them toward adopting digital currency options like eNaria.