eNaira adoption surges as value in circulation rises 302% to N10bn


February 13, 2024.

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Azonuchechi Chukwu.

The value of eNaira in circulation rose by 302 per cent in nine months to N10.26 billion at the end of September reflecting increased adoption of Africa’s Central Bank Digital currency.

Introduced by the Central Bank of Nigeria, CBN in October 2021 the eNaira is the digital form of the Naira and used just like the paper money (cash). The eNaira wallet is a digital storage that holds the eNaira. The eNaira wallet is required to access, hold and use eNaira.

Vanguard analysis of CBN data on Currency in Circulation, from the quarterly statistical bulletin of the CBN for the 3rd quarter 2023, showed that the value of eNaira in circulation rose sharply by 302 per cent in nine months to N10.26 billion at the end of September 30th, 2023, 9M’23 from N2.55 billion at the end of 2022, 9M’22.

The increase represents 131 percentage points higher than the 171 per cent increase recorded in the same period of 2022.

Further analysis showed that eNaira in circulation recorded quarter-on-quarter, QoQ growth of 90 per cent, 48 per cent and 43 per cent in the Q1’23, Q2’23 and Q3’23 respectively.

The upsurge in the value of eNaira in circulation follows additional measures implemented by the CBN to boost adoption and usage among members of the banking public. These include introduction of the Enhanced USSD service channel which targets feature phone users, and allows Nigerians to open an eNaira wallet and conduct transactions by simply dialling *997 from their mobile phones.

Furthermore, the CBN in June introduced the eNaira as a payout option for beneficiaries of Diaspora remittances.

According to sources close to the apex bank, the upsurge in eNaira adoption was driven by transactions via the USSD channels. It was gathered that the volume and value of eNaira transactions via the USSD channel rose year-on-year, YoY by 92.95 per cent and 120.93 per cent in 9M’23 respectively while the number of merchants accepting eNaira also rose 11.97 per cent during the same period.

It was also gathered that the use of eNaira as payout option for Diaspora remittances is still at a pilot phase.  (www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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