Less Than $500, 000 Transacted in eNaira CBDC, Says Central Bank of Nigeria

According to local reports, the Central Bank of Nigeria (CBN) says that the eNaira has recorded 34, 000 transactions since launching on October 25, 2021.

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According to local reports, the Central Bank of Nigeria (CBN) says that the eNaira has recorded 34, 000 transactions since launching on October 25, 2021.

The amount of value that has changed hands on the digital money is reportedly 188 million Naira, which is about the same as $454,369.

A key official at CBN, Ch’Edozie Okonjo, also revealed the following stats behind eNaira’s performance:

  • 583, 000 consumer wallets downloads
  • 83, 000 merchant wallet downloads
  • Downloads coming from 160 countries based on app store data

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SEE ALSO: Is Nigeria Seeking to Create an eNaira Ecosystem?

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The eNaira was launched to improve access to finance for individuals and businesses through digital channels to improve financial inclusion, lower the cost of transactions, and increase the flow of credit to households and businesses.

Ch’Edozie Okonjo, Controller CBN, Enugu

According to the official, the numbers recorded so far represent excellent adoption of the digital currency.

The stats revealed by the branch official are in contrast with reports from November 27, 2021 where governor Godwin Emefiele revealed that the eNaira had recorded a total of 600,000 downloads, 4 weeks since launch.

According to citations by Rest of the World publication, it has not been a rosy start for the eNaira with some officials at the Central Bank of Nigeria not comfortable with the digital naira. A key issue is the procurement process of Bitt, as the technology provider, which has been a source of anxiety within the bank.

There are also doubts within the Central Bank about how the eNaira is being implemented and also concerning its viability. This is more so given the multitude of digital fintech solutions in Nigeria, to add on to the fact that Nigerians are said to have little trust in the bank and the local financial system.

The financial system is infamous for a foreign exchange regime that has multiple and diverse rates with the Central Bank unable to manage for reliability. This takes away from the need to use the eNaira to help in international transfers.

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RECOMMENDED READING: [WATCH] Bitt, the Company Behind Caribbean’s DCash CBDC, is the Technology Provider for Nigeria’s eNaira CBDC

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