The value of eNaira, the Central Bank of Nigeria's (CBN) digital currency, increased by 78.8% year-on-year (YoY) to N18.32 billion in the first ten months of 2024, up from N11.66 billion during the same period in 2023, according to CBN data. The value rose by 31% YoY to N18.38 billion in Q2 2024 but slightly declined by 0.16% to N18.35 billion in Q3 2024. On a month-on-month (MoM) basis, the eNaira's value decreased by 0.16% to N18.32 billion in October. Launched by the CBN in October 2021, the eNaira is the digital equivalent of the Naira and functions like physical cash. Users must have an eNaira wallet to access, store, and use the digital currency.
The CBN designed the eNaira to enhance financial inclusion, support a resilient payment system, reduce cash handling costs, facilitate welfare distribution, improve transparency in revenue and tax collection, enable Diaspora remittances, lower financial transaction costs, and boost payment efficiency.
Recently, CBN Governor Olayemi Cardoso highlighted the bank’s Payment System Vision 2025, emphasizing a comprehensive review of the eNaira’s implementation to maximize its economic impact.
Speaking at the 59th Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria (CIBN), Cardoso stated, "To boost confidence in the payment system, our Payment System Vision 2025 will promote initiatives for swift and affordable cross-border payments, essential for fostering trade, investment, and economic growth.
Additionally, the eNaira, our Central Bank Digital Currency (CBDC), offers significant growth potential. We will conduct a thorough review of its implementation to ensure broad and positive economic outcomes."
