In the first ten months of 2024 (Q3’24), the value of eNaira, the digital currency of the Central Bank of Nigeria (CBN), increased by 78.8% year-over-year (YoY) to N18.32 billion from N11.66 billion in the same time in 2023.
The value of the eNaira was steady in Q1’24 at N13.98 billion in 2024 compared to the previous quarter, Q4’23, according to an analysis of data from the Central Bank of Nigeria (CBN), Monthly Economic reports for the review period.
In Q2 of 2024, the value increased 31% year over year to N18.38 billion, while in Q3 of 2024, it decreased 0.16 percent to N18.35 billion.
In October, however, the value of the eNaira dropped 0.16 percent month over month to N18.32 billion.
The digital version of the Naira, known as eNaira, was introduced by the Central Bank of Nigeria (CBN) in October 2021 and is used similarly to conventional money (cash). The eNaira is stored digitally in the eNaira wallet. To access, hold, and use eNaira, you need the eNaira wallet.
The CBN claims that the eNaira was created with the following goals in mind, lowering the cost of cash processing, facilitating remittances from the Diaspora, enhancing transparency in revenue and tax collections, lowering the cost of financial transactions, enhancing the efficiency of payments, and promoting a robust payment ecosystem.
The governor of CBN, Olayemi Cardoso, recently announced in the apex bank’s Payment System Vision 2025 that a thorough evaluation of the eNaira deployment would be conducted in order to facilitate a wide-ranging and beneficial economic impact.
At the Chartered Institute of Bankers of Nigeria’s (CIBN) 59th Annual Bankers Dinner, Cardoso stated, “To further enhance confidence in the payment system, our Payment System Vision 2025 initiative will drive initiatives to encourage quick and affordable cross border payment, a critical step toward unlocking trade , investment and economic growth. “Additionally, the eNaira, our CBDC, holds significant growth potential.
“We will therefore undertake a comprehensive review of its implementation to optimize broad and positive economic impact.”