According to a recent report by the International Monetary Fund on Nigeria’s eNaira, the Central Bank of Nigeria’s digital currency, which was launched a year ago, has experienced low adoption, with 98.5% of wallets downloaded after the launch being inactive.
The report disclosed that the weekly average value of eNaira transactions was N923 million, equivalent to 0.0018% of the average amount of money in circulation. In addition, the total average number of eNaira transactions amounted to about 14,000 per week, despite the existence of a large number of wallets. This implies that every week, 98.5% of eNaira wallets remain unused.
The eNaira, Nigeria’s Central Bank Digital Currency (CBDC), was initially unveiled on October 25th, 2021, in Abuja.
