Nigeria’s central bank digital currency (CBDC) eNaira has been used to process 4 billion naira ($9.3 million) worth of transactions since its launch last October, according to the country’s central bank governor.
Nigerian Central Bank Governor Finds Digital Currency Transactions Remarkable
Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), described the volume and amount of transactions on the platform as “remarkable”, noting that the eNaira app has been downloaded 840,000 times and currently has around 270,000 active wallets.
The country has a population of approximately 200 million and is Africa’s largest economy with a gross domestic product of approximately $430 billion.
However, it is estimated that around 40% of the population does not have a bank account. The 59 million unbanked adults are also an issue that the Central Bank of Nigeria plans to tackle with the CBDC.
In the second phase, the bank aims to have 8 million more people start using the eNaira platform.
Emefiele said this phase will begin next week, when both banked and unbanked citizens will be able to open an eNaira wallet by dialing a four-digit code from their mobile phone.
Nigeria became the second country to introduce CBDCs, after the Bahamas a year ago.
In the months before the launch of eNaira, the Central Bank of Nigeria (CBN) publicly cryptocurrency He tried to prevent its use and ordered banks to close accounts with crypto transactions.
However, the rivalry between China and the United States continues in the race for central bank digital currency.
*Not investment advice.
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