Volume of E-Naira in Circulation now over N2bn – CBN
TECHDIGEST – The Central Bank of Nigeria (CBN) has disclosed that the volume of the eNaira-in-circulation currently stands at N2.10 billion, suggesting a growth of 190.1 percent since it was launched.
Speaking at the 28th edition of the Annual In-house Executive Seminar on “Digitalization of Money and Monetary Policy in Nigeria,” the Deputy Governor in charge of Economic Policy at the CBN, Dr. Kingsley Obiora, also revealed that the creation of both individual and merchant wallets has “gained traction and poised to further stimulate eNaira transactions in Nigeria.”
“Specifically, the eNaira has so far recorded the following milestones: 927,000 total downloads; 317,560 activated consumer wallets,” he said.
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Obiora continued: “Also, 33 banks are fully integrated and live on the platform; N3 billion has been successfully minted by the CBN; N2.10 billion has been issued to financial institutions; over 3,320 merchants have successfully registered on the eNaira platform across the country including Shoprite, Sahad Stores, A.A. Rano, among others; over 700,000 transactions amounting to about N8 billion have been recorded on the platform; and there are over 2.5 million daily visits to the eNaira website.”
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The CBN Deputy Governor also said the apex bank is determined to adopt and integrate its digital currency in collaboration with the federal government and other relevant stakeholders to “unlock new phases and possibilities in facilitating a reduction in cash processing costs and an efficient payment ecosystem in Nigeria.”
In general terms, Obiora said the banking and financial systems are still grappling with some challenges, such as the depth of financial inclusion.
“17 million adults are not currently making electronic payments but own phones and are interested in mobile money.
“Another 22 million adults are not currently making electronic payments but say that they could be convinced to use it.
“This reflects the extent to which the eNaira could impact on the unbanked and underbanked to improve livelihoods, as well as economic growth and development in Nigeria.”
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