Share this article
Nigeria's eNaira Wallet Use, Transactions Climb Amid Cash Shortages: Bloomberg
The number of eNaira wallets has jumped more than 12-fold to 13 million since October, and the value of transactions has climbed 63% this year.
Updated Jun 1, 2023, 3:26 p.m. Published Mar 22, 2023, 12:02 p.m.
Nigerians have been turning to the country's central bank digital currency amid cash shortages, Bloomberg reported on Tuesday.
The number of eNaira wallets has jumped more than 12-fold to 13 million since October, and the value of transactions has climbed 63% to 22 billion naira ($48 million) this year, Godwin Emefiele, governor of the Central Bank of Nigeria, told reporters at a press conference. The CBDC was introduced in October 2021.
STORY CONTINUES BELOW
Nigeria has been struggling with a crippling cash shortage since the central bank started replacing old naira notes with new ones late last year. Currency in circulation has slumped to about 1 trillion naira from 3.2 trillion naira in September, Emefiele said, according to Bloomberg. The shortage of notes has left many people in the country of about 218 million struggling to pay for basic needs.
Even so, the eNaira isn't a straightforward alternative. The country has a $220 billion informal economy that thrives on cash and too few merchants and too little infrastructure for extensive eNaira use.
Read more: Why Nigerians Aren't Turning to the eNaira Despite Crippling Cash Shortages
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Binance Wins Full ADGM Approval for Exchange, Clearing, and Brokerage Operations
Abu Dhabi’s Financial Services Regulatory Authority has granted licenses to three Binance entities covering exchange, clearing, and brokerage functions.
What to know:
- Binance has received authorization from Abu Dhabi Global Markets (ADMG) to operate under a comprehensive exchange, clearing, and brokerage framework.
- The approval allows Binance to structure its operations into three regulated entities under the Nest brand, covering exchange, clearing, and trading functions.
- Binance's presence in Abu Dhabi aligns with regulatory standards and underscores the region's role as a hub for financial innovation.
Top Stories
