The Nigerian eNaira has emerged as the world’s most developed digital currency by a central bank.
This is according to a recent PwC Global CBDC Index and Stablecoin Overview 2022 rating.
The Nigeria’s central bank’s digital currency outshone the US Dollar, Chines Yuan, Korean digital won.
It also beat those of the rest of the world to lead the top ten.
Nigeria’s eNaira ranked 1st globally in terms of Retail Index. It also ranks 1st in Africa.
Meanwhile, keep in mind that many countries of the world have either launched their own digital currencies or are in the process.
According to the Bank of International Settlement (BIS), Nigeria and at least, 68 other countries’ central banks have revealed they are working on CBDC.
BIS also said that “more than 80% of central banks are considering launching a CBDC or have already done so, either for retail or wholesale payments.”
IT added saying that “there are three live retail CBDCs and at least 28 pilot projects”
Although China, Jamaica, Eastern Caribbean are already having pilot tests, the digital currencies are already in use in Nigeria and the Bahamas.
While Bahamas came second on the list, America came third globally but first in the United States.
Nigeria’s Central bank, CBN, had launched the e-Naira in October 2021.
The digital currency’s speed wallet app recorded over 360,000 downloads in just 10 days after launch.
eNaira supports the Nigerian CBN’s target to raise levels of financial inclusion from 64% to 95%.
The report said “By making the e-Naira platform part of the financial ecosystem, the CBN hopes to grow new private sector use cases to support the uptake of the CBDC.”
Nigeria’s president, Muhammadu Buhari had said that “a properly managed e-Naira
could add more than US$29 billion to Nigeria’s GDP over the next ten years.”
What you should know about eNaira:
• In October 2021, Nigeria became the first African country to launch a CBDC – eNaira.
Central Bank of Nigeria (CBN) issues the eNaira as a legal tender.
• It launched the eNaira to strengthen the payments ecosystem and drive financial inclusion.
• Financial inclusion opportunity of the eNaira will be facilitated by a number of design features and planned use of the currency by the CBN.
•Also, the CBDC was designed on seven key principles – inclusive economy, innovation, efficiency, resilience, proudly Nigerian, scalability and transparency.
• CBN launched the eNaira to help build a sustainable payment system in Nigeria that is resilient, financially stable and continuously innovative.
Other Key eNaira Statistics:
The PwC report said that as at December 2021, 666, 000 eNaira Speed Wallets were created.
Similarly, people downloaded about 700, 000 eNaira Speed Wallet Apps .
Also, while users had done above 35, 000 transactions, 90% of the transactions are person-to-business and business-to-person transactions.
Likewise, users downloaded the eNaira Speed Wallet Apps from over 160 countries, including Nigeria.
This implies that the Nigerian eNaira is gaining more global acceptance and adoption.
The currency retail index shows that more people are using the eNaira for transaction.
Likewise, many users are from countries outside Nigeria.
This ranking has shown that Nigeria is in the right direction as regards digital currency.