18 months after the launch of Nigeria’s digital currency, the eNaira, reports of its adoption have been meager.
By The Numbers
According to Bloomberg, as of October 2022, fewer than 1.15 million Nigerians, or roughly under 0.5% of the country’s population, had used eNaira.
According to the Central Bank of Nigeria, only 1.4 million transactions have been made on the eNaira platform.
In 2021, Nigeria became the first African country, and the second in the world, to introduce a government-backed digital currency.
Looking Deeper
According to the International Monetary Fund (IMF), only 0.8% of bank accounts and 10% of merchants are using the eNaira.
The average transaction value has been reported to be about 53,000 naira ($114.84).
Source: Rest of World
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