The Central Bank of Nigeria (CBN) is exploring the launch of a national stablecoin to address low adoption rates for its digital currency, the eNaira. A working group will be formed with the Ministry of Finance and other financial regulators to assess the feasibility of this initiative. This follows the disappointing performance of the eNaira, which has struggled to gain traction since its launch in 2021. Only 0.5% of Nigerians used the eNaira within a year after its release, with nearly all wallets remaining inactive. A stablecoin pegged to the Nigerian naira could potentially address these challenges. The group will evaluate the potential impact on Nigeria’s digital payment ecosystem and explore how it could complement the existing eNaira. This move comes amid concerns about the slow adoption rate of eNaira.