The total balances represented in Nigeria’s central bank digital currency, eNaira surged to N2.5 billion in 2022.
This compares to N940 million reported in 2022 representing
a 2.65-fold increase year on year.
This is according to data contained in the 2022 audited
financial statement of the apex bank released on Thursday.
The CBN launched the
eNaira in 2021 as part of its efforts to promote financial inclusion,
innovation and efficiency in the Nigerian economy.
The eNaira is a legal
tender that can be used for various transactions such as payments, remittances,
savings and investments.
The eNaira is also designed to complement the existing naira
notes and coins, and to facilitate cross-border trade and remittances.
The CBN has partnered
with several banks, fintech companies and merchants to enable the adoption and
usage of the eNaira.
The eNaira platform allows users to create wallets, transfer
funds, make payments and access other financial services through their mobile
phones or computers.
The eNaira transactions are fast, secure and transparent, as
they are recorded on a distributed ledger technology (DLT) system.
The CBN has also implemented various incentives and
regulations to encourage the uptake of eNaira.
For instance, the CBN has waived transaction fees for eNaira
users until 2023 and has set a minimum capital requirement of N50 million for
eNaira service providers.
The CBN has also issued guidelines on the anti-money
laundering and counter-terrorism financing (AML/CFT) measures for the eNaira
ecosystem.
Meanwhile, the
central bank recently introduced the use of its digital currency as a payment
option to recipients of diaspora remittances.
The apex bank said the move was part of its efforts to
liberalize the payout of diaspora remittance.
The IMF also recently scored the enaira low on adoption
citing slow growth in eNaira wallet downloads among retail users.
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