CBDC Wars: This African Country Has Close to 1 Million CBDC Users
The African nation of Nigeria has seen a good response for its central bank digital currency (CBDC) e-Naira! Since its launch in October 2021, e-Naira has onboarded 840,000 users and is very close to hitting the 1-million milestone.
At the same time, the Central Bank of Nigeria’s Governor Godwin Emefiele has set an ambitious target of having at least 8 million users in the second phase of the CBDC development. Emefiele’s comments came on Thursday, August 18, during the finals of the hackathon sponsored by the central bank to build products and services around e-Naira.
He further added that the expansion of the e-Naira platform will further deepen its integration with the existing payment infrastructure of Nigeria. Consumers and merchants with bank accounts can use Nigeria’s existing financial payment infrastructure to transfer e-Naira. The value of e-Naira transactions on the platform has reached N4 billion.
In the second phase of expansion, the Central Bank of Nigeria will collaborate with private sector operators. Speaking on the matter, governor Emefiele said:
“Notwithstanding this appreciable progress, the second phase of the project has begun and it is intended to drive financial inclusion by onboarding unbanked and underserved users leveraging offline channels.
“We don’t have a choice but to live with the fact that we are now in a digital economy. The use of cash will dissipate to zero and the use of digital currency will increase to become part of our lives.”
Key Challenges for Nigeria Ahead
Governor Emefiele said that the e-Naira opens up new opportunities for the unbanked to participate in the country’s digital economy. However, the country also needs to focus on its rising inflation and deflating currency at the same time.
Amid the value of Naira dropping pretty fast, several Nigerians have moved towards adopting public cryptocurrencies to preserve their wealth. Focusing on reviving the economy could pave even greater adoption of e-Naira.
- Crypto Market Loses $670 Billion on CEX Auto Liquidations, Altcoins Crash Intensifies
- Breaking: Crypto Market Crashes as Trump Imposes 100% Tariff on China
- ASTER Airdrop Delayed to October 20 Amid Criticisms Over Token Allocations
- U.S. Inflation Data: BLS to Release CPI Report on October 24 Amid Government Shutdown
- Bank of America, Citigroup and Goldman Sachs Explore Issuing Stablecoins Pegged to G7 Currencies
- Can $TAPZI Reach $1 In Q1 2026?
- Here’s Why XRP Price May Have a Zcash-Like Surge
- $TAPZI Price Prediction: What’s Ahead of the $TAPZI token Presale?
- Cardano Price Targets $2 as Hydra 1.0 Ignites New Era of Speed and Adoption
- Dogecoin Price Prediction as $23M Leaves Exchanges—Is the Parabolic Phase Beginning?
- Pi Network Price Collapses as Analyst Proposes Turnaround Tweaks
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
