Naija Philia!

Do you love Nigeria? This blog is for you!

BLOOMBERG: Nigeria’s Digital Currency Gains Half a Million Users in 3 Weeks

The Central Bank of Nigeria’s digital currency, the e-Naira, has gained about half a million users 3 weeks after its launch.

***Nigerian President Muhammadu Buhari (left) launching the e-Naira on 25 Oct 2021 in Abuja***

Adoption rate for e-Naira “has been excellent,” according to Osita Nwanisobi, spokesman for the CBN. More than 488,000 people have downloaded the consumer wallet (needed to transact eNaira) while about 78,000 merchants from more than 160 countries have enrolled, Nwanisobi said.

***Mr Osita Nwanisobi, Director, Corporate Communications Department of the CBN***

So far, customers have conducted e-Naira transactions worth $150,000 or ₦62 million. The CBN is opposed to crypto currencies but that hasn’t stopped Nigerians using virtual currencies to hedge against capital controls and to remit money.

Demand is so large that individuals in Nigeria hold the world’s highest proportion of such assets per capita. Nigeria also has the largest proportion of retail users conducting transactions under $10,000.