According to a report by the International Monetary Fund (IMF), the adoption of the eNaira, Africa’s first Central Bank Digital Currency (CBDC), launched by the Central Bank of Nigeria (CBN) on October 25, 2021, has been “disappointingly low.” The IMF analyzed the adoption of the eNaira one year after its launch and found that “the take-up of the eNaira by households and merchants has been slow.” Despite the government’s efforts to incentivize eNaira adoption, including by offering discounts for those using the digital currency for cab services and removing access restrictions for people without bank accounts, the adoption rate has been slow. The IMF report also highlighted potential risks associated with the eNaira CBDC, including lower bank profitability and financial instability. However, the eNaira’s success, if any, could have major implications for the world, as central banks prepare to introduce digital currencies in their nations, which could lead to unprecedented levels of control over financial transactions and loss of privacy and anonymity.