eNaira records low adoption, 98 per cent of wallets inactive – IMF

After one year of establishment, the Central Bank of Nigeria’s eNaira recorded low adoption, according to the International Monetary Fund.

This was contained in a recent report titled ‘Nigeria’s eNaira, one Year After’ by the IMF.

The Washington-based bank specifically stated that about 98.5 per cent of eNaira wallets downloaded after the launching are inactive.

The report added that the average value of eNaira transactions had been N923 million weekly, representing 0.0018 per cent of the average amount of money supply, M3, in the period under review.

“The average number of eNaira transactions since its inception amounts to about 14,000 per week—only 1.5 per cent of the number of wallets out there. It means that 98.5 per cent of wallets, for any given week, have not been used even once,” the report stated.

Nigeria’s Central Bank Digital Currency (CBDC), the eNaira, was launched on 25 October 2021 in Abuja.