The public adoption of the eNaira has been characterized as unbelievably low by the International Monetary Fund (IMF).
The Bretton Woods organization recently published a working paper titled “Nigeria’s eNaira, One Year After” that detailed how the digital money performed throughout its first year.
New Telegraph recalls that on October 25, 2021, President Muhammadu Buhari officially launched the digital money at the state house in Abuja.
However, according to the IMF, 98.5 percent of eNaira wallets downloaded following the announcement had leave it unused.
The monetary fund noted that the Central Bank Digital Currency (CBDC) project had not yet progressed past the initial wave of modest acceptance, but it also noted that household and business eNaira usage had been sluggish.
“The retail wallet downloads saw a few weeks of the initial surge before tapering off. More specially, it only took 25 days for the number of downloaded wallets to reach 500,000 units but going from there to 600,000 units took another 63 days; and to 700,000 units yet another 143 days,” the paper reads.
“As of end-November 2021, the total number of retail eNaira wallets amounted to about 860,000. This is just 0.8 per cent of Nigeria’s active bank accounts.