Nigeria’s eNaira Record N4 Billion Worth Of Transactions

The Central Bank of Nigeria (CBN) has disclosed that eNaira, its digital currency, recorded 200,000 volumes and N4billion value of transactions since its inauguration in 2021.

The CBN’s Governor, Mr. Godwin Emefiele, made this known in Abuja while speaking at the grand finale of the “eNaira Hackathon”.

Emefiele said that over 200,000 volumes of transactions were recorded on the eNaira platform.

The CBN boss said that there are currently over eight million active users on the eNaira Platform.

Recall that the CBN inaugurated Nigeria’s digital currency, in late 2021.

The inauguration made the country the first to develop a CBDC in Africa, leading the way for other African countries to follow suit.

Speaking at the event, Emefiele said that the initiative would accommodate un-banked Nigerians with its distinct features.

“When we launched the eNaira, we promised to increase the level of financial inclusion in the Country because just like the Naira, the eNaira is expected to be accessible to all Nigerians.

“I am pleased to inform you that by next week, Nigerians, both banked and unbanked, will be able to open an eNaira wallet and conduct transactions by simply dialing *997 from their phones.”

He noted that the eNaira would accelerate Nigeria’s participation in the digital economy and promote further development of its FinTech ecosystem.

This he said is in addition to enhancing financial inclusion, supporting poverty reduction, enabling direct welfare disbursement to citizens, supporting a resilient payments ecosystem, and improving the availability and usability of the Central Bank of Nigeria’s money.

“The eNaira will also facilitate diaspora remittances, reduce the cost of processing cash, and also reduce cost and improve the efficiency of cross-border payment.”

“The eNaira will make a significant positive difference to Nigeria and Nigerians.

“It was also developed to provide Nigerians with a cheap, safe, and trusted means of payment.

“It is unlike the offline payments channels like agent networks, USSD, wearables, cards, and near field communication technology.

“The eNaira would give access to financial services to underserved and unbanked segments of the population,” he said.




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