Nick Corbishley Profile picture
Journalist covering breaking news, economics, finance and politics with a global perspective. Author of "Scanned" (
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Feb 16 7 tweets 3 min read
A very dark experiment is under way in Nigeria, with deadly consequences. Since October 2021, 99.5% of Nigerians have refused to use the central bank's digital currency, the so-called e-Naira, preferring to continue using cash. So what did the central bank do? It doubled down. In December, the central bank decided to replace all high-denomination cash bills in the economy, just as India did in its disastrous demonetisation campaign of 2016. The goal is to make it much more difficult for Nigerians to use cash. And it's working like a dream/nightmare.