Nigeria's eNaira transactions have climbed 63% this year amid crippling cash shortages. camomileshumba reports.
The number of eNaira wallets has jumped more than 12-fold to 13 million since October, and the value of transactions has climbed 63% to 22 billion naira this year, Godwin Emefiele, governor of the Central Bank of Nigeria told reporters at a press conference. The CBDC wasNigeria has been struggling with a crippling cash shortage since the central bank started replacing old naira notes with new ones late last year. Currency in circulation has slumped to about 1 trillion naira from 3.
Even so, the eNaira is not a straightforward alternative. The country has a $220 billion informal economy that thrives on cash and too few merchants and too little infrastructure for extensive eNaira use.
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