Factors That Determine the Adoption of Nigeria’s Central Bank Digital Currency (E-Naira)

Ahmad Tijjani Usman, Bilikis Modupeola Bello, Sulaiman Balarabe and Sunusi SHuaibu
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Ahmad Tijjani Usman: Department of Accounting and Finance, North-Eastern University, Gombe
Bilikis Modupeola Bello: Department of Accounting and Finance, North-Eastern University, Gombe
Sulaiman Balarabe: Department of Accounting, Sa’adu Zungur University, Bauchi
Sunusi SHuaibu: Department of Accounting, Sule Lamido University, Kafin-Hausa

International Journal of Research and Innovation in Social Science, 2025, vol. 9, issue 8, 6993-7006

Abstract: This study examined the factors that determine the adoption of e-naira, which is the Nigeria’s Central Bank Digital Currency (CBDC). The study adopted survey cross-sectional research design and collected data using primary method through self-administered questionnaire from 400 students of ATBU, FUK, and FUGA. The collected data was analyzed using PLS-Structural Equation Modelling (PLS-SEM). It was found that perceived usefulness, social influence and awareness have significant positive influence on e-naira adoption in Nigeria. Based on that, the study concludes that Nigerians are more concern about the currency’s practical benefits in their day to day financial activities and their adoption is driven by how they are aware of it as well as how the communities have confidence in its usage. Also, this study concludes that low awareness about eNaira is still a major barrier to its adoption as many Nigerians are not informed about the digital currency. In this regard, it is recommended that government through CBN should expand the practical applicability of eNaira by using it as a means of payment for youth empowerment, student loan among other social programs. It is also suggested that programs about eNaira should be promoted to trade associations, colleges or even NYSC so as to drive peer learning. Lastly, is advocated that awareness about eNaira should be accelerated through targeted, inclusive and multilingual campaign.

Date: 2025
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