CBN: Digital Currency Valuation Hits N18.32 Billion.

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The value of the eNaira, Nigeria’s digital currency, has increased by 57% to N18.32 billion in the first ten months of 2024, up from N11.66 billion in the corresponding period of 2023.

According to data from the Central Bank of Nigeria (CBN), the value of the eNaira remained stable in the first quarter of 2024 at N13.98 billion but grew by 31% year-on-year to N18.38 billion in the second quarter. However, it experienced a slight decline of 0.16% to N18.35 billion in the third quarter and further declined by 0.16% to N18.32 billion in October.

The eNaira, introduced by the CBN in October 2021, is a digital form of the Nigerian currency, designed to deepen financial inclusion by bringing more people into the financial space, support a resilient payment ecosystem, reduce the cost of processing cash, enable welfare intervention to citizens, increase transparency in revenue and tax collections, facilitate Diaspora remittances, reduce the cost of financial transactions, and improve the efficiency of payments.

CBN Governor, Olayemi Cardoso, recently revealed plans to review the eNaira implementation to drive economic growth. 

Speaking at the 59th Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria, CIBN, Cardoso stated:

“To further enhance confidence in the payment system, our Payment System Vision 2025 initiative will drive initiatives to encourage quick and affordable cross-border payment, a critical step toward unlocking trade, investment and economic growth. “Additionally, the eNaira, our CBDC, holds significant growth potential.

“We will therefore undertake a comprehensive review of its implementation to optimize broad and positive economic impact.”

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