Blockchain Might have Saved Nigeria, Say Experts.

In Abuja, during the Digital Assets Summit 2023 by SIBAN, experts talked about Nigeria's money problems. They focused on the time when the government made new naira notes and the growing use of Nigeria’s digital money, eNaira.

Christopher Eniayemo, a leader in Sahara ICP Hub West Africa, shared an idea. He said using a special financial system called decentralized finance (DeFi) could have helped in making the new naira. This would let Nigerians have a say and be ready for the changes.

Blockchain is like a strong base for DeFi. With blockchain, DeFi can work safely and openly, offering services without needing banks.

Nigeria's President, Bola Tinubu, shared plans to use blockchain in banks. He suggested changing some rules to help businesses and to control digital money, like cryptocurrencies.

Lastly, Nigeria has limited the cash people can take out. This move promotes the "cashless-Nigeria" idea and boosts the use of eNaira.