(Kitco News) - Central bank digital currencies (CBDCs) have been a popular topic of discussion over the past six months as the collapse of the crypto market prompted global regulators to lament the perils of investing in cryptos and push government-backed digital assets. 

Nigeria made headlines in 2021 when it became one of the first countries to launch a CBDC – the eNaira – which was touted as the way to bring banking to all citizens of the African nation. 

Now, a year after its launch, the adoption of the eNaira is not going quite as the government had planned as only 0.5% of Nigeria's 217 million citizens are using the central bank issued digital currency, according to a report from Bloomberg.   

The population of Nigeria is considered to be the most crypto-savvy on the African continent, with the nation ranking as the top country in Africa for crypto adoption and 11th globally. More than a third (35%) of the Nigerian population between the ages of 18 and 60 reported owning or trading cryptos in 2022.