The country has a high ranking in terms of cryptocurrency usage, with many Nigerians using digital currencies like Bitcoin. However, the Nigerian government has taken a tough stance on cryptocurrencies, which has affected the adoption of its own digital currency, the eNaira.

In early 2021, the Central Bank of Nigeria (CBN) banned banks and financial institutions from dealing with cryptocurrencies. This meant that people could not use their bank accounts to buy or sell cryptocurrencies. The government was concerned about the risks associated with digital currencies, such as money laundering, fraud, and the volatility of their prices. They believed that the ban would protect the financial system and consumers.

Despite the ban, Nigerians continued to use cryptocurrencies through peer-to-peer platforms. These platforms allow people to trade cryptocurrencies directly with each other without needing a bank. Nigeria remained one of the top countries in the world for cryptocurrency usage, showing that there was a strong demand for digital currencies.

In October 2021, Nigeria launched its own central bank digital currency called the eNaira. The eNaira is a digital version of the Nigerian Naira, controlled by the Central Bank of Nigeria. It was designed to make transactions easier, faster, and more secure. The government hoped that the eNaira would improve financial inclusion, allowing more people to access banking services and participate in the economy.

However, the adoption of the eNaira has been slower than expected. One of the main reasons for this is the government's ban on cryptocurrencies. Many Nigerians who were interested in digital currencies were put off by the ban and were unsure about using the eNaira. They were worried that the same issues that led to the ban on other cryptocurrencies could also affect the eNaira.

Another reason for the slow adoption is the lack of trust in the government and the central bank. Many people in Nigeria have experienced economic instability and distrust the authorities. They are hesitant to use a digital currency controlled by the same institutions they do not fully trust. This lack of trust has made it harder for the eNaira to gain popularity.

Additionally, there have been technical issues with the eNaira. Some people have reported problems with the eNaira app, making it difficult to use. These technical challenges have further discouraged people from adopting the new digital currency.

The government is working to address these issues and promote the use of the eNaira. They have launched awareness campaigns to educate people about the benefits of the eNaira and how to use it. They are also working to improve the technical aspects of the digital currency to make it more user-friendly.

Despite these efforts, the road to widespread adoption of the eNaira remains challenging. The ban on cryptocurrencies has created a complicated environment for digital currencies in Nigeria. While the eNaira offers many potential benefits, overcoming the distrust and technical issues will take time and effort.