Nigeria eNaira event

cbdc · PageRank 0.0022

Also known as: eNaira

Overview

The eNaira is Nigeria's central bank digital currency, launched by the Central Bank of Nigeria on 25 October 2021, making Nigeria the first African country and the second country worldwide, after the Bahamas, to issue a CBDC. Its stated objectives were to boost financial inclusion, support cross-border CBDC transactions, simplify diaspora remittances and supplement existing payment infrastructure. Adoption has been weak: although millions of wallets have been created, reporting indicates well under one percent of Nigerians actively transact with it, and the CBN has been developing strategies such as routing government payments through the eNaira to lift take-up.

Within the DeFi Intel graph, Nigeria eNaira connects to 3 tracked entities, most strongly to Central Bank of Nigeria, Central Bank of Nigeria, Central Bank of Nigeria.

Relations

Top connections in the DeFi Intel knowledge graph (confidence-weighted, 3 of 3 total).

Frequently asked questions

When did the eNaira launch?

The Central Bank of Nigeria launched it on 25 October 2021.

Was Nigeria the first country with a CBDC?

No — it was the first in Africa and the second nationally launched CBDC in the world, after the Bahamas' Sand Dollar in October 2020.

How successful has the eNaira been?

Adoption has been low; despite millions of wallets created, reporting indicates less than one percent of Nigerians actively use it, and the CBN has acknowledged slow uptake.