In July, it launched a scheme for a new government-controlled digital currency – hoping to rival the already established cryptos.
The launch of e-Naira by the central bank of Nigeria was a total waste time and resources on the path of the federal government; I don't even know if any body in the country still remembers there a thing called e-Naira, and deep within me, I am glad this project was not successful.
Another issue is the volatility of crypto, cryptocurrency is subject to unpredictable changes in the market, For businesses, a 3 percent drop in bitcoin’s value can be big enough to generate a massive loss, and that’s a risk business owners are not willing to take.
You are absolutely right about this, but I guess this is why we have stable coins which are not prone to high volatility like bitcoin and several other coins and tokens, any business owner who is afraid of Bitcoin's volatility should simply convert to a stable coin while they wait for stability to return to the bitcoin market.