Over 700,000 Transactions, N8 Billion in Value; CBN Celebrates eNaira 1 Year in Style

The Central Bank of Nigeria (CBN) celebrates eNaira’s one-year anniversary in grand style as over 700,000 transactions valued at N8 billion were processed within the last 12 months.

Godwin Emefiele, the apex bank governor, who spoke at an event organised to mark the digital currency milestone in Lagos, expressed his profound joy at the success of the Central Bank Digital Currency (CBDC) since its inception.

Emefiele said it has been an overwhelming first year, the encouragement and genuine interest from the citizen of Nigeria and others across the world has been unending and has helped propel the vision of the nation’s cashless economy despite the challenges faced in the process.

He said being the first country in Africa and second in the world to introduce a digital currency to its citizens is no child’s play.

Emefiele Said, “there has been overwhelming interest and encouraging response from Nigerians and other parties across the world, with 33 banks fully integrated and live on the platform. N3 billion has been successfully minted by the Central Bank, N2.10 billion issued to financial institutions, and about one million (919,000) customers are on board.

“Over 3,305 merchants have successfully registered on the eNaira platform across the country, including Shoprite, Sahad Stores, A.A. Rano fuel stations, Fraser Suites, and November Cubes, among others. Over 700,000 transactions amounting to about N8 billion have been recorded on the platform and over 2.5 million daily visits to the eNaira website.”

In the spirit of festivity, Godwin stated that plans are underway by the central bank and Bankers’ Committee to ensure the implementation of its cashless policy throughout Nigeria, adding that the apex bank has expended so much in the adoption of a 100% cashless economy.

Godwin said, “Banks have incurred a lot of costs in an attempt to embrace a cashless economy. We also had collaborations with mobile networks and had payment service banks (PSB) using all sorts of channels. The destination, as far as I am concerned, is to achieve a 100% cashless economy in Nigeria. I know that those who doubt will say that 100% cashless is unattainable.”

Emefiele further stated that the CBN had provided the needed infrastructure nationwide to enable the smooth transition into a cashless economy.

It might not be a juicy transition for some individuals but necessary pronouncements will be made on that effect in the coming weeks, he concluded.