Nigeria’s apex bank, CBN records N8 billion in eNaira transactions

Nigeria’s apex bank, CBN records N8 billion in eNaira transactions

In an effort to achieve a cashless economy, the Central Bank Digital Currency (CBDC), eNaira, was launched by the President, Mohammadu Buhari in October 2021. A year after its launch, the CBN governor, Godwin Emefiele, announced at the ‘eNaira 1-year anniversary’ event in Lagos on Tuesday that it has recorded a groundbreaking $18 billion or N8 billion in transactions.

“Since its launch, the eNaira has offered Nigerians endless possibilities in using financial services thus, living up to the chosen slogan, ‘Same Naira, More Possibilities,’ as well as achieving some set out objectives,” Emefiele said.

The platform has recorded growth due to the favourable response it received from Nigerians and other parties across the world. It currently has 33 banks fully integrated while N3 billion has been minted by the bank, N2.10 billion has been issued to financial institutions and about one million (919,000) customers have been on-boarded.

“Over 3,305 merchants have successfully registered on the eNaira platform across the country including Shoprite, Sahad Stores, A.A. Rano fuelling stations, Fraser Suites, November Cubes, among others; over 700,000 transactions amounting to about N8 billion have been recorded on the platform and over 2.5 million daily visits to the eNaira website.”

According to Emefiele, Nigeria’s yet existing cash policy has been targeted at transitioning into a cashless economy where transactions are done with limited, little, or no cash.The CBN is looking to cut costs of banks operating attempting to embrace the digital currency by collaborating with mobile networks and payment service banks (PSB).

“Nigerians should expect to see additional functionalities in the coming months, including the on-boarding of revenue collection agencies to increase and simplify collections and collaborating with the Ministry of Humanitarian Affairs through the creation of sector-specific tokens to support the federal government’s social programmes and distribution of targeted welfare schemes in a bid to lift millions out of poverty by 2025,” Emefiele added.