The circulation of the country’s digital currency, e-naira, has risen to N401.82 million as transaction volume rose from over N4 billion to N5 billion.
The Central Bank of Nigeria (CBN) Director of Information and Technology, Rakiya Mohammed, disclosed this on Monday, during the 2nd Edition of the Africa Cashless Payment Conference.
According to her, the CBN prides the e-Naira on being pair-to-pair, which was why it was free of any charge for now, adding that the financial system is big enough to accommodate everyone.
She further stated that the e-Naira is easy to onboard, pointing out that inclusive payment is a rallying driver for the bank.
Mohammed, while noting the advantages of the digital currency, pointed out that today, Nigerians can make instant payments, which has gone through quite a number of transformations, including mobile money instant payments.
She said these have helped to drive digital transformation, citing that the e-naira is the same naira we have but in electronic form, is legal tender in Nigeria, and carries the same exact value as the current naira.
According to her, its objectives were financial inclusion and Nigeria was the first to launch a central bank digital currency with an operational CBDC, citing that currently, 401.82 million is in circulation, with the volume of transactions over N3.5 billion.
On opportunities for e-Naira, the CBN noted that there had been a reduction in the cost of cash, an increase in revenue, and direct disbursement to citizens as the e-naira is programmable so that it can only be used for the reason money is distributed for specific events and integrating with the Pan African Exchange system (PAPPS).
