Instant electronic payment dropped to N38.77 trillion in January 2023 despite the Central Bank of Nigeria (CBN) hoping the Naira redesign policy would push digital transactions up.
The electronic payment fell by -7.75 per cent month-on-month from N42.03 trillion recorded in December 2022 to N38.77 trillion, according to data from the Nigeria Inter-Bank Settlement System (NIBSS).
Drop in digital transactions occurred amid a struggle among Nigerians to withdraw from commercial banks after the Naira redesign policy of the CBN led to a scarcity of the country’s currency.
