eNaira Acceptance Drags as China’s Equivalent Gallops to N5.6 Trillion Transactions

eNaira Acceptance Drags as China’s Equivalent Gallops to N5.6 Trillion Transactions

  • Nigeria's digital currency, the eNaira has had a snail-speed take-off since it was launched in October last year
  • Statistics show that the eNaira has not been accepted in major cities in Nigeria but in the core Northern states
  • China says its digital currency has completed over N5 trillion transactions since launching in the same month the eNaira was launched

Nigeria and Africa’s first digital currency, the eNaira have not had a good outing since it berthed in October last year.

Nigerians, however, have adopted a sceptical approach to the eNaira since it was launched as most people say they do not understand how the digital currency operates.

The eNaira and China's digital currency
The eNaira and China's digital currency
Source: UGC

Alternative to crypto?

The Central Bank of Nigeria (CBN) has said the digital currency, introduced to lure Nigerians away from cryptocurrency, completed close to N34,000 transactions amounting to about N188 million in different parts of the country yet, its acceptance by Nigerians has been a drag.

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Nairametrics reported that in a recent outing in Enugu, Ch’Edozie Okonjo, CBN’s Enugu Controller, said the digital currency has had about 583, 000 consumer wallets and 83,000 merchants downloads since inception.

In contrast, however, China’s digital currency has cruised to about 87.57 billion yuan (N5.6 trillion) since it was launched in the same October as that of the eNaira.

China's digital yuan cruises on

Director of the People’s Bank of China, Zou Lan said the country’s figures, saying the digital yuan has done transactions worth 53.1 billion yuan.

Trends show that Nigeria’s digital currency has been shunned in major cities like Lagos, Port-Harcourt and other areas with a high volume of business.

The eNaira is, however, popular in the core North as 488,000 downloads of the consumer wallet and 78,000 merchant wallet downloads have been recorded in those areas.

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CBN asks Nigerians to Trust eNaira

Meanwhile, Legit.ng the Central Bank of Nigeria (CBN) has urged all Nigerians to use the eNaria, claiming it is more secure than cryptocurrencies.

This was disclosed by CBN spokesman, Nnamdi Okwuosa at the CBN Fair, with the theme, ‘Promoting financial stability and economic development.’

Explaining the benefits of eNaira, CBN said eNaira is more reliable if Nigerians want a digital currency for online transactions.

Source: Legit.ng

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