CBN’s eNaira Attracts Merchants Across Countries Amidst Crypto Crackdown

CBN’s digital currency, eNaira attracts 78,000 merchants from over 160 nations despite the crypto crackdown just a few weeks after its debut. This was disclosed by the CBN who has remained unyielding in its resolve of keeping cryptocurrency transactions on crackdown with claims that banks have increased efforts to stop crypto-related transactions.

The crackdown has resulted in a 43% decrease in peer-to-peer transactions of Nigerians. Nigerians have accounted for about $9.4 million weekly P2P volumes, Kenyans and South Africans have accounted for around @2.8 million and $1.8 million respectively.

Osita Nwanisobi, Central Bank’s Director of Corporate Communications Department said the adoption of the eNaira has been “excellent” in a telephone chat with Bloomberg. “More than 488,000 people have downloaded the consumer wallet- that is needed to transact eNaira – while about 78,000 merchants from more than 160 countries have enrolled”, he had said. Nwanisobi also added that around 62 million worth of virtual currency have been traded since it was introduced.

The eNaira marks a major step forward in the evolution of money and the CBN is committed to ensuring that the eNaira, like the physical naira, is accessible by everyone. The theme of the eNaira is ‘same Naira, more possibilities’, Osita said.

The eNaira is Africa’s first Central Bank Digital Currency (CBDC) and it was launched at the State House by President Muhammadu Buhari on the 25th of October, 2021. The president said it will increase remittance, foster cross-border trade, and enable the government to make welfare payments more easily.

“I am delighted to officially launch the Central Bank of Nigeria’s digital currency called the eNaira. And in so doing, we have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens”, the President said.


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Boluwatife Aponmade
Boluwatife Aponmade
Boluwatife Aponmade is a Writer, Content Creator, Social Volunteer, Sickle cell Advocate and a lover of arts. She does creative writing, copywriting, storytelling and poetry. She has interest in Mass communication, Law and Journalism. She's a Biochemistry Student.

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