Finance:ENaira
eNaira is a central bank digital currency issued and regulated by the Central Bank of Nigeria.[1] It was the first of its type in Africa.[2] Denominated in naira, the eNaira serves as both a medium of exchange and a store of value and claims to offer better payment prospects in retail transactions when compared to cash.[3][4][5]
The eNaira was launched and activated on 25 October 2021 by President Muhammad Buhari,[6] under the slogan: "Same Naira, More Possibilities".
Adoption
Takeup has been sluggish. Fewer than 0.5% of Nigerians were using the eNaira within a year of its launch, despite discounts to encourage adoption.[7] As of 2024, most wallets are reportedly inactive.[8] Barriers include weak technology infrastructure, unreliable electricity, the lack of training for financial employees, anxieties about data privacy and financial crime,[2] low trust in government, and the exclusion of people without existing bank accounts.[8]
See also
- Central bank digital currency
- Digital currency
- Digital renminbi
- Digital rupee
References
- ↑ "Central Bank of Nigeria | Home". https://www.cbn.gov.ng/.
- ↑ 2.0 2.1 Salami, Iwa (2023-07-19). "eNaira: Nigeria's digital currency has had a slow start - what's holding it back" (in en-US). http://theconversation.com/enaira-nigerias-digital-currency-has-had-a-slow-start-whats-holding-it-back-209470.
- ↑ "eNaira Overview" (in en). https://enaira.gov.ng/.
- ↑ "eNaira" (in en-US). https://www.zenithbank.com/enaira/#features.
- ↑ "Nigerians Optimistic About Launch of New Digital Currency eNaira" (in en). 5 October 2021. https://www.voanews.com/a/nigerians-optimistic-about-launch-of-new-digital-currency-enaira/6258348.html.
- ↑ "Buhari to launch eNaira as CBN announces new commencement date" (in en-GB). 2021-10-23. https://www.premiumtimesng.com/news/top-news/491357-buhari-to-launch-enaira-as-cbn-announces-new-commencement-date.html.
- ↑ "Shunned Digital Currency Looks for Street Credibility in Nigeria" (in en). Bloomberg.com. 2022-10-25. https://www.bloomberg.com/news/articles/2022-10-25/shunned-digital-currency-looks-for-street-credibility-in-nigeria.
- ↑ 8.0 8.1 Sohst, Ravenna (February 2024). "Leaving No One Behind: Inclusive Fintech for Remittances". https://www.migrationpolicy.org/research/inclusive-fintech-remittances.
External links
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