Nigeria's CBDC eNaira Used for Nearly $10M Worth of Transactions Since October

The eNaira app has been downloaded 840,000 times and has 270,000 active wallets

AccessTimeIconAug 19, 2022 at 12:11 p.m. UTC
Updated Aug 19, 2022 at 2:41 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

Nigeria's central bank digital currency (CBDC), the eNaira, has been used to carry out transactions worth 4 billion naira ($9.3 million) since it was introduced last October, according to country's central bank governor.

In a speech on Thursday, Central Bank of Nigeria (CBN) Governor Godwin Emefiele described the volume and value of transactions on the platform as "remarkable," noting the eNaira app has been downloaded 840,000 times and now has about 270,000 active wallets.

Nigeria has a population of about 200 million, and it is the largest economy in Africa with a gross domestic product of about $430 billion.

It is estimated, however, that around 40% of the population doesn't have a bank account, including 59 million unbanked adults, a matter that the CBN intends to tackle with the CBDC. The bank is seeking to get 8 million more people to start using the eNaira platform in its second phase.

That phase begins next week, when both banked and unbanked Nigerians will be able to open a eNaira wallet by dialing a four-digit code on their mobile phones, Emefiele said.

Nigeria was the second country to introduce a CBDC, following the Bahamas a year earlier. In the months preceding the eNaira's inception, the CBN attempted to stave off cryptocurrency use among the public, ordering banks to close any accounts that had crypto transactions.






DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.