Claim BonusCBDC 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.
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.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Morgan Stanley to Launch Crypto Wallet Amid Plans for BTC, ETH, SOL ETFs
- Bitcoin, Ethereum Options Worth $2.2B Set to Expire Tomorrow Amid Potential Trump Tariffs Ruling
- Crypto Markets Eye Rebound as Fed Completes $40B in Reserve Management Purchases
- Scott Bessent Calls for More Fed Rate Cuts in 2026 as Miran Backs 150 bps Cut
- Breaking: U.S. Initial Jobless Claims Rise to 208K, Bitcoin Drops
- Tesla Stock Price Prediction for Jan 2026 Ahead of Q4 Earnings Report
- Ethereum Price Eyes a 30% Surge as Vitalik Buterin Names it the ‘World’s Heartbeat’
- XRP Price Prediction After Spot XRP ETFs Record the First Outflow in 36 Days?
- XRP vs Solana Price: Which Could Outperform in January 2026?
- Meme Coin Price Prediction For Jan 2026: Dogecoin, Shiba Inu And Pepe Coin
- Pi Coin Price Eyes Rebound to $0.25 as Top Whale Nears 400M Milestone
