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ENaira

eNaira is a Central bank digital currency issued and regulated by the Central Bank of Nigeria.[1] It was the first of its type in Africa.[2] Denominated in naira, the eNaira serves as both a medium of exchange and a store of value and claims to offer better payment prospects in retail transactions when compared to cash.[3][4][5]

The eNaira was launched and activated on 25 October 2021 by President Muhammad Buhari,[6] under the slogan: "Same Naira, More Possibilities".

Takeup has been sluggish. Fewer than 0.5% of Nigerians were using the eNaira within a year of its launch, despite discounts to encourage adoption.[7] As of 2024, most wallets are reportedly inactive.[8] Barriers include weak technology infrastructure, unreliable electricity, the lack of training for financial employees, anxieties about data privacy and financial crime,[2] low trust in government, and the exclusion of people without existing bank accounts.[8]

See also

References

  1. ^ "Central Bank of Nigeria | Home". www.cbn.gov.ng. Retrieved 2021-10-25.
  2. ^ a b Salami, Iwa (2023-07-19). "eNaira: Nigeria's digital currency has had a slow start - what's holding it back". The Conversation. Retrieved 2024-03-09.
  3. ^ "eNaira Overview". enaira.gov.ng. Retrieved 2021-10-25.
  4. ^ "eNaira". Zenith Bank Plc. Retrieved 2021-10-25.
  5. ^ "Nigerians Optimistic About Launch of New Digital Currency eNaira". VOA. 5 October 2021. Retrieved 2021-10-25.
  6. ^ "Buhari to launch eNaira as CBN announces new commencement date". 2021-10-23. Retrieved 2021-10-25.
  7. ^ "Shunned Digital Currency Looks for Street Credibility in Nigeria". Bloomberg.com. 2022-10-25. Retrieved 2024-03-09.
  8. ^ a b Sohst, Ravenna (February 2024). "Leaving No One Behind: Inclusive Fintech for Remittances". Migration Policy Institute.
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