• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

eNaira makes up less than 1% of currency in circulation as of March 2024 

Sami Tunji by Sami Tunji
July 21, 2024
in Currencies, Markets
Naira Scarcity: CBN launches eNaira enhanced services, to be funded with GSM recharge cards
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s Central Bank Digital Currency (CBDC), eNaira, makes up less than 1% of the total currency in circulation as of March 2024, almost three years after it was launched. 

According to data from the quarterly statistical bulletin of the Central Bank of Nigeria (CBN) for the first quarter of 2024, out of N3.87 trillion currency in circulation by March 2024, e-naira made up N13.98 billion. 

This means that about 0.36% of currency in circulation in the country is in the CBDC, eNaira. 

RelatedStories

CBN, forex

June 2025 PMI: CBN warns of inflation as input costs outpace output prices

July 8, 2025
CBN, forex

CBN clarifies NRBVN charges, says BVN enrolment remains free for Nigerians in Nigeria 

July 7, 2025

However, the amount of eNaira available for circulation has surged by 1,896% from N700.75 million recorded in October 2021. 

More Insights 

Nigeria’s Central Bank Digital Currency, eNaira, was launched in October 2021 as one of the country’s initiatives to drive financial inclusion. The digital version of the naira is expected to boost the cashless policy of the CBN.  

Creating the eNaira seems simple and people without a bank account can also have an eNaira wallet. 

The eNaira Speed Wallet app is available for download on the Google Play Store and the iOS Store. 

The apex bank also introduced a USSD code, *997#, which allows people without smartphones to also create an eNaira wallet.   

The app allows Nigerians to create either an individual or business wallet. While the consumer (Individual) wallet requires an individual to register with a phone number, email address, BVN, and date of birth, the business wallet requires a phone number, email address, TIN, RC number, owner’s BVN, company account number, and date of birth of the business owner.   

For the individual wallet, 3 categories of wallets can be created: Bronze Wallet, Silver Wallet, and Gold Wallet. 

While the Bronze and Silver wallets are for people without bank account numbers, the former requires only a mobile number, while the latter requires a National Identification Number (NIN) and mobile number to create, but both have their limitations in terms of maximum transactions allowed.

The Gold wallet, which is a tier 3 wallet requires the BVN and bank details of the user to create.  

The CBN partnered with several banks, fintech companies and merchants to enable the adoption and usage of the eNaira. 

It also implemented various incentives and regulations to encourage the uptake of eNaira.

For instance, the CBN waived transaction fees for eNaira users until 2023 and has set a minimum capital requirement of N50 million for eNaira service providers. 

The apex bank also issued guidelines on the anti-money laundering and counter-terrorism financing (AML/CFT) measures for the eNaira ecosystem.  

Meanwhile, the central bank introduced the use of its digital currency as a payment option to recipients of diaspora remittances. 

Although it is the world’s second CBDC to be launched, the eNaira has struggled with adoption over the years. 

The International Monetary Fund (IMF) scored the enaira low on adoption citing slow growth in eNaira wallet downloads among retail users.  


Follow us for Breaking News and Market Intelligence.
Tags: CBDCCBNCurrency in circulationeNairaIMFNIN
Sami Tunji

Sami Tunji

Sami Tunji is a writer, financial analyst, researcher, and literary enthusiast. Aside from having expertise in various forms of writing (creative, research, and business writing), he is passionate about socio-economic research, financial literacy, and human development. Currently, he is a financial analyst at Nairametrics and an African Liberty Writing Fellow 2023/2024.

Related Posts

CBN, forex
Economy

June 2025 PMI: CBN warns of inflation as input costs outpace output prices

July 8, 2025
CBN, forex
Financial Services

CBN clarifies NRBVN charges, says BVN enrolment remains free for Nigerians in Nigeria 

July 7, 2025
CBN, forex
Breaking News

Court upholds CBN-backed NIBSS Authority to manage BVN Database nationwide 

July 4, 2025
CBN, forex
Financial Services

Credit to Private sector slips marginally to N77.83 trillion in May 2025 despite surging money supply 

July 3, 2025
CBN, forex
Financial Services

Nigeria’s FDI drops by 19% to $250 million in Q1 2025 – CBN 

June 27, 2025
CBN Governor Yemi Cardoso to be honoured at Nairametrics Capital Market Awards for monetary policy reforms and banking sector recapitalization 
Financial Services

Focus on ‘African-led, African-owned’ growth, digital transformation – Cardoso tells African leaders at Afreximbank AGM 

June 25, 2025
Next Post
US helps Israel shoot down nearly all Iranian missiles as Middle Est crisis escalates

US President, Joe Biden, pulls out of reelection bid amid concerns over health, age 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • 10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 
  • Geregu Power reports N13 billion Q2 2025 profit, up 61% YoY, beats Q2 forecast 
  • HealthCap Africa launches HealthTech Unicorns Report 2.0 in Lagos, charts bold future for Africa’s health innovation

Follow us on social media:

Recent News

10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 

10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 

July 12, 2025
Geregu Power PLC wins “Most Compliant Listed Company” at 2024 Made of Africa Awards  

Geregu Power reports N13 billion Q2 2025 profit, up 61% YoY, beats Q2 forecast 

July 12, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics