On Friday, a statement released by the Central Bank of Nigeria claims that the eNaira
wallet has been downloaded over 500,000 times in 160 countries all over the world.

Why does it matter?
The eNaira which was launched in late October is a digital currency that the CBN
rolled out as a solution to the exorbitant amount it spends on printing paper currency. Although Nigerians did not well receive the initiative, as they took to social media to
express their displeasure. This latest data suggests people might after all be embracing it.

The Big Picture.
The CBN’s statement said: “So far, we have onboarded over 488,000 consumers
wallets and about 78,000 merchant wallets, with these downloads occurring in over
160 countries (per Google Playstore and Apple Store data).

“We have also recorded almost 17,000 transactions amounting to over N62m with the
average transaction being about $9.3 each. These numbers suggest the adoption rate
has been excellent.” The Central Bank of Nigeria described the eNaira as a digital form of the naira, issued in line with Section 19 of the CBN Act. “It is a direct liability of the bank, a legal tender and will form part of the currency-in-circulation and will be at par with the physical naira.” The eNaira wallet was built to access and hold eNaira.

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