Zimbabwe to Introduce Gold-Backed Digital Currency to Stabilize Economy

Introduction Zimbabwe has struggled with economic instability for years due to hyperinflation and currency devaluation. In 2009, the country abandoned its currency and started using the US dollar instead. However, this move proved to be unsustainable, and in 2019, the government reintroduced the Zimbabwean dollar. Since then, the local unit has continued to depreciate against…

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Nigeria’s CBDC and the Pushback from Citizens

Introduction Nigeria is the largest economy in Africa, with a population of over 200 million people. Despite its abundant natural resources and potential for growth, Nigeria faces numerous economic challenges, including a persistent cash shortage, high inflation, and limited access to financial services. In recent years, the Central Bank of Nigeria (CBN) had explored the…

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