Business Case Studies & Business Publications

The eNaira Experience

Hachem, Kinda

Case

The eNaira Experience

Hachem, Kinda

GEM-0262 | Published May 7, 2026 | 24 Pages Case

Collection: Darden School of Business

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This case provides an opportunity for students to explore the implementation of a central bank digital currency (CBDC) in a large country: Nigeria. Students are put in the position of entrepreneur Ayo Adeyemi, who has just acquired a textile business with cash-heavy transactions and is seeking to move into digital payments as part of a longer-term plan to increase firm revenue. One of several options available to him is the eNaira, the Central Bank of Nigeria’s (CBN's) newly launched CBDC. The eNaira had been lauded as transformational by Nigerian policymakers, yet achieved very disappointing adoption among the population. Adeyemi must decide whether there is a path forward for the eNaira that would make it worth the adoption costs for his firm. The case is designed for an MBA elective on money and banking. At Darden, it is taught after a discussion of "Digital Dollars" (UVA-GEM-0197), which provides an opportunity to discuss more conceptual issues related to CBDC.

- Explore the merits of a CBDC in an emerging market. - Understand the failed launch of the eNaira in Nigeria. - Introduce students to the use of digital payments in Africa. - Facilitate understanding of the challenges and opportunities in Nigeria's economy.