Armstrong Economics - Highlights cut-paste:
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The transition to CBDC in Nigeria did not go as planned.
In October 2021, the government began offering incentives to citizens who chose to use CBN.
A year later, the country was still hesitant to make the switch so the central bank began implementing forceful measures. In October 2022, the CBN decided to cancel and resign the [paper] currency.
By December 2, 2022, the Central Bank of Nigeria issued a letter to all banking institutes implementing a strict ban on physical cash.
Bloomberg reported that 90% of the country previously used cash for transactions. They did not want to convert to CBDC but were provided with no alternative.
This is how it all begins. They are using Nigeria and other countries as test subjects before rolling out these programs in the West. It is hard for Americans to fathom currency cancelation, as it has never occurred here. Yet, the Federal Reserve has made it clear that they are looking into this option.
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