eNaira: Nigeria, others, top global CBDC adoption as 44 countries join race – Report 

Nigeria has been listed as one of the top 3 countries in the world where Central Bank Digital Currency (CBDC) has gained momentum as 44 other countries are starting their pilot phase.

According to a report published on Tuesday by the U.S.-based Atlantic Council, as of September 2024, only the Bahamas, Jamaica, and Nigeria have fully launched a CBDC.

“In Nigeria and the Bahamas, CBDC issuance has increased substantially,” the report noted. 

Recall that the Central Bank of Nigeria (CBN) launched the country’s CBDC, eNaira in October 2021.

With that, Nigeria became the first African country to launch a CBDC and second in the world after the Bahamas which launched “Sand Dollar”, in October 2020.

The report showed that 134 countries and currency unions, representing 98% of global GDP, are currently exploring a CBDC.

“In May 2020 that number was only 35. Currently, 66 countries are in the advanced phase of exploration—development, pilot, or launch,” the report stated.  

“There is a new high of 44 ongoing CBDC pilots, including the digital euro. European countries, both in the euro area and beyond, are increasingly testing wholesale CBDCs, both domestically and across borders,” it added.

In addition, the Atlantic Council noted that all original BRICS member states—Brazil, Russia, India, China, and South Africa—are piloting a CBDC.

A Central Bank Digital Currency (CBDC) is the digital form of a country’s fiat currency that is also a claim on the central bank. Instead of printing money, the central bank issues electronic coins or accounts backed by the full faith and credit of the government.