Nigeria's central bank digital currency is 'same Naira, more possibilities' – if you count government snooping

Nigeria recently became the first African country to launch its central bank digital currency (CBDC), the eNaira. However, there are significant privacy challenges that could make eNaira a lot less attractive. The central concern? Authorities may see every transaction. This could potentially provide a great deal of data on …

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CBD Cash

Certainly it's all traceable but in the West corporate owners have been using many different methods to not "spend money" but have it spent for them ... "No I don't own a house, it's owned by a company in the Bahamas..."

[Anonymous Coward]

Who exactly needs eNaira? The Central Bank of Nigeria doesn't allow the free buying and selling of regular Naira for foreign currency - why would I want to lock up more value in another currency the government can hamstring? If I wanted crypto, why would I choose a cryptocurrency that's not anonymous and is administered by a leaky organisation? If I could pass a KYC check, why wouldn't I get a proper bank account (or even a better mobile pay account) for money I can actually spend in real life?

[sreynolds]

Is it ever going to replace western union?

I mean apart from the 419 scams, the millions of princesses and princes that live there, isn't half their economy based on foreign remittances? Is this really a replacement for western union transfers?