Nigeria’s CBDC Project Is Growing Stronger

Godwin Emefiele, governor of the Nigerian Central Bank, told guests at the eNaira Hackathon that technical improvements will increase the CBDC’s attractiveness and accessibility.

Nigeria’s central bank digital currency (CBDC), the eNaira, will begin the second phase of its expansion with new technologies to increase its user base, Nigerian Central Bank governor Godwin Emefiele stated Thursday at the 2022 eNaira Hackathon in Abuja. In October 2021, the eNaira, Africa’s first CBDC, will be introduced.

“The eNaira is a journey, not a one-time event. We don’t have a choice but to live with the fact that we are now in a digital economy, in a digital space, where the users of cash will dissipate almost to zero,” Emefiele said

The CBDC has received over 840,000 downloads, with approximately 270,000 active wallets, including 252,000 consumer wallets. Approximately 200,000 transactions totaling 4 billion nairas (approximately $9.5 million at the official exchange rate) have occurred.

According to Daniel Awe, head of the Africa Fintech Foundry, the eNaira Hackathon platform will be layered atop the eNaira platform to provide functionality. The hackathon was co-sponsored by that organization and the central bank, and 4,667 entrepreneurs participated. Ten were awarded prizes ranging from one million to five million nairas.

Due to the insecurity of the fiat currency, both the naira and the eNaira face stiff competition from cryptocurrencies, despite the country’s “implicit prohibition” on cryptocurrency.

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