5. CBDC Launch: e-CNY in China and eNaira in Nigeria

This chapter delves into the contrasting experiences of China and Nigeria in launching their Central Bank Digital Currencies (CBDCs), the e-CNY and eNaira respectively. It explores the goals, infrastructure, challenges, and broader implications of these initiatives, providing a comprehensive overview of how CBDCs are shaping the next phase of global digital finance. The chapter highlights the success of China's e-CNY in leveraging strong digital infrastructure and state-driven innovation, despite the dominance of private platforms like Alipay and WeChat Pay. In contrast, Nigeria's eNaira faces hurdles due to economic instability, institutional mistrust, and infrastructure gaps, despite policy incentives and government promotion. The text also examines the role of CBDCs in enhancing financial inclusion, stabilizing currencies, and supporting global adoption. It concludes that the success of CBDCs depends on public trust, functional infrastructure, and integration with existing systems, with policy design needing to align with local economic realities for long-term adoption.