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]
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]