eNaira slowly gains traction post-launch amid glitches

eNaira slowly gains traction post-launch amid glitches

The rollout of the CBDC, the world’s second digital currency central bank, has been a difficult one. After The Sand Dollar was launched in 2012, the Bahamas, which became the first country to have one, Nigeria’s eNaira CBDC was launched last week.

According to The Nation, Governor Godwin Emefiele of the Central Bank of Nigeria (CBN), stated that there is an “overwhelming curiosity and encouraging response.” President Muhammadu Buhari also estimates that the eNaira will generate $29 billion more economic activity in the next decade. He also mentions the possibility of receiving direct government welfare payments through the digital currency.

Emefiele reports that since Oct. 25, 33 banks and 2,000 customers have signed up for the platform. 120 merchants are also a part of this number. Both Android and Apple versions of the app are available. Since then, more than 200 million eNaira (602,959 dollars) have been issued to financial institutions across the country.

Although government officials are positive about the outlook of the launch, it has not been easy. Shortly after it was unveiled on Google Play, the CBN’s eNaira speed Wallet temporarily went offline. After receiving more than 100,000 downloads, the app was removed in order to allow for an upgrade. The app received polarizing feedback. Most users complained about bugs and that the app did not work properly. It is now available again. Peoples Gazette reported that the CBN plagiarized a legal disclaimer from an American equipment manufacturer for the eNaira.

A survey by Finder was conducted last month and tabulated in The Straits Times. 24.2% of Nigerian respondents said that they had cryptocurrencies. This placed Nigeria at the top in the world for digital currency use. Australia was third at 17.7%, while Malaysia came in second (18.0%). The United States ranked 10th with 10.4% of adults having crypto.

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