eNaira, Nigeria’s Central Bank Digital Currency (CBDC) and the first to be issued in the world, is failing to live up to expectations in terms of boosting remittance and improving the informal economy. This is despite huge investments from the Central Bank of Nigeria in pushing awareness of digital currency in the public space.
A new report by the International Monetary Firm (IMF) has shown that less than one percent of the banking customers in Nigeria have downloaded the eNaira wallet two years after it was launched. Among those who downloaded the wallet, less than 2 percent have used it for any form of transaction. The total number of eNaira transactions at 802,000 is less than the number of downloaded wallets at 919,000.
