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Thursday, November 30, 2023

Nigeria’s CBDC eNaira records a transaction worth $10 million.


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According to Cryptoslate, the digital currency eNaira in Nigeria has attracted 270,000 users and recorded transactions totaling N4 billion (about $10 million) since its inception in October 2021.

During an eNaira hackathon on August 18, CBN Governor Godwin Emefiele praised the digital currency’s achievements. “Since the launch of this great initiative, the e-Naira has reached 840,000 downloads, with approximately 270,000 active wallets comprising over 252,000 consumer wallets and 17,000 merchant wallets,” Emefiele stated.

He also stated that over N4 billion in transactions have taken place on the site. According to Emefiele, the project’s second phase aims to reach 8,000,000 active users out of the country’s more than 200 million residents.

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Because over 40% of Nigerians lack banking access, the central bank of Nigeria launched the eNaira in October 2021 with the goal of accelerating financial inclusion. Despite lofty goals and noble intentions, the project’s acceptance rate has been gradual. Within a month of its launch, 400,000 wallets had registered, indicating that it was off to a great start. According to a July report, the network only had 700,000 registered wallets, preventing widespread adoption, according to Cryptoslate.

One of the factors slowing adoption is the failure of the country’s commercial banks to support the project. Users of the eNaira can conduct transactions without paying a fee, which hurts commercial banks that rely on fees for revenue. CBN Governor.

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The International Monetary Fund (IMF), which was studying the potential of Nigeria’s digital currency at the time, predicted the e-poor Naira’s acceptance in November.

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