CBN: eNaira Is Cruising, over N188m Transactions Completed by Nigeria's Digital Currency

CBN: eNaira Is Cruising, over N188m Transactions Completed by Nigeria's Digital Currency

  • CBN's latest invention, the eNaira, is doing well at the moment as it has completed close to N200 million worth of transactions
  • The apex bank says that the digital currency is surpassing all expectations and has been downloaded in 160 countries
  • 83,000 merchants are currently using the e-Naira in transactions that have baffled even CBN itself and Nigerians who expected little from it

The Central Bank of Nigeria says the recently launched eNaira is breaking bounds and has recorded over 34,000 transactions totalling N188 million on its platform.

CBN’s Controller, Enugu branch, Ch’Edozie Okonjo said this at the 2021 Annual Bankers Dinner and Lecture organised by the Enugu branch of the Chattered Institue of Bankers of Nigeria (CIBN), on Friday, December 10, 2021 as per a report by Nairametrics.

CBN: eNaira Is Cruising, over N188m Transactions Completed by Nigeria's Digital Currency
The e-Naira growing leaps and bounds. Source: UGC
Source: UGC

According to Okonjo, the COVID-19 pandemic has accelerated the global shift to online events and contactless payments.

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He said since its launch, the eNaira has seen a flood of interest and positive feedback from users in Nigeria and parties from all over the world.

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Okonjo said:

“So far, we have recorded over 583,000 consumer wallets and about 83,000 merchant wallets downloads, with downloads occurring in over 160 countries (per Google Play Store and Apple Store data).  We have also recorded over 34,000 transactions amounting to over N188 million. These numbers suggest the adoption rate has been excellent.”

The impact of pandemic

The world is yet to revert to its previous regular system as the pandemic had expedited the shift to a digital environment with global payment systems serving as a prime example, Okonjo said.

He clarified that while cash usage was dropping both locally and globally, digital payments were on the rise, necessitating the launch of the eNaira.

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He said:

“The eNaira was launched to improve access to finance for individuals and businesses through digital channels to improve financial inclusion, lower the cost of transactions, and increase the flow of credit to households and businesses.”

Early missteps by e-Naira

Nigeria’s digital currency was launched in October and saw a false start that necessitated the CBN from pulling it from app stores. The digital wallets were later relaunched in app stores after the apex bank said it has fixed some bug issues.

CBN launched the eNaira after it banned cryptocurrency in the country, claiming it was used for money laundering, terrorism financing and other frauds.

eNaira is hack-proof, says CBN

In an earlier report by, Nigeria's Central Bank (CBN) said it has strengthened security around the country's digital currency, the e-Naira, and says that the latest invention by the apex bank is hack-proof.

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According to the director of corporate communication of the apex bank, Osita Nwanisobi, steps have been taken to secure the recently launched digital currency from cybercriminals.

Nwanisobi was speaking at a Central Bank event with the topic: Promoting Financial Stability and Economic Development.


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