Fun

Nearly 500,000 Nigerian CBDC Wallets Downloaded Since Launch

News Feed - 2021-11-17 10:11:39

Nearly 500,000 Nigerian CBDC Wallets Downloaded Since Launch


Nearly half a million e-naira wallets have been downloaded a few weeks after the central bank digital currency (CBDC) was officially launched by Nigerian President Muhammadu Buhari, the central bank has said. E-Naira’s Initial Trade Volumes


In addition to the 488,000 wallets that have been downloaded, Osita Nwanisobi, who is the Central Bank of Nigeria (CBN)’s spokesman, is quoted confirming that a total of 78,000 merchants from 160 countries have now enrolled to become a part of the e-naira ecosystem.


Despite the CBDC’s seemingly early success, a report by Bloomberg quotes Nwanisobi confirming that only $150,000 (62 million naira) worth of the digital currency has been traded since launch. Yet, on the other hand, Nigerians have traded some 60,215 bitcoins, which are currently valued at over $3.6 billion, between 2017 and 2020.


This traded volume, which according to the report is the largest outside the United States, suggests the cryptocurrency has become an important alternative to the depreciating naira. As previously reported by Bitcoin.com News, some Nigerians working abroad now prefer to send money back home via bitcoin. Others are using the top cryptocurrency to make cross-border payments, while some now use BTC to hedge against inflation.


Continuing Attempts to Restrict Cryptocurrency Use


However, as part of an effort to restrict the further growth and interest in cryptocurrencies, the CBN initially directed financial institutions to cut off cryptocurrency entities from the banking system. The launch of the e-naira, which is Africa’s first CBDC, is the latest attempt by the CBN to entice Nigerians away from cryptocurrencies like bitcoin.


Yet in spite of these efforts, a study by Chainalysis still found that Nigeria has one of the largest proportions of retail users that conduct cryptocurrency transactions that are under $10,000.


What are your thoughts about this story? Tell us what you think in the comments section below. South African Fintech Raises $120 Million in Funding Round Led by Fidelity FINTECH | 4 days ago Report: Traditional Banks in Africa Hold Trust Advantage Over Fintechs FINTECH | 4 days ago Tags in this story CBDC, CBN ban, CBN crypto, Chainalysis, cross border remittances, Cryptocurrency, Digital Currency, e-naira, naira depreciation, Nigeria, Osita Nwanisobi


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Luna Foundation Purchases 5,040 BTC, Terra Reserves Rise to 35,767 Bitcoin
Luna Foundation Purchases 5,040 BTC, Terra Reserves Rise to 35,767 Bitcoin On April 6, onchain data shows the Luna Foundation Guard’s (LFG) bitcoin wallet has added 5,040 bi
Former FTX Executive Accused of Fueling a Charity Through Discounted FTT Purchase
Former FTX Executive Accused of Fueling a Charity Through Discounted FTT Purchase A former executive of FTX allegedly earned profits for a charity by purchasing discounted FTX toke
Jack Dorsey's Square Crypto Poaches Dev Talent from Facebook's Libra & Google
As if Facebook"s Libra doesn"t have enough trouble, they just lost a developer to a rising crypto star. Square Crypto has poached a trio of blockchain developers from across the tech industry including Lightning Labs, Fa
Derek Andersen47 minutes agoBinance settles with U.S. government: Timeline of US enforcement actionsU.S. government agencies have spent months, sometimes years, investigating Binance in the lead-up to unsealing an indict
Zebedee Inks Deal With Mobile Game Studio Viker to Add BTC Rewards to Solitaire, Sudoku, Missing Letters
Zebedee Inks Deal With Mobile Game Studio Viker to Add BTC Rewards to Solitaire, Sudoku, Missing Letters Seven days after the financial technology and bitcoin payments firm Zebedee
Binance.US ‘prepared’ for SEC legal showdown
Josh O"Sullivan1 hour agoBinance.US ‘prepared’ for SEC legal showdownBinance.US is gearing up for an extended legal battle with the SEC, emphasizing its commitment to compliance and criticizing the agency’s enforce
Bybit surpasses Coinbase in market share after Binance's decline
Zoltan Vardai10 hours agoBybit surpasses Coinbase in market share after Binance"s declineBybit became the world’s second-largest crypto exchange, while the leading exchange, Binance, has lost some market share due to p
US City Installs Crypto ATM at Airport After Accepting Cryptocurrency for Payments
US City Installs Crypto ATM at Airport After Accepting Cryptocurrency for Payments The U.S. city of Williston in North Dakota is installing a cryptocurrency ATM at its internationa
Deutsche Bank Strategist Predicts Crypto Could Replace Fiat Money
Deutsche Bank Strategist Predicts Crypto Could Replace Fiat Money Deutsche Bank analysts have made some predictions regarding the future of cryptocurrency. Strategist Jim Reid ex
Marcel Pechman2 hours agoSBF and Caroline Ellison conspired to keep Bitcoin under $20K, but did it work?SBF, Caroline Ellision, Alameda and FTX may have conspired to keep Bitcoin price below $20,000, but is it actually p
‘Magnificent seven’ stocks shed $2.6T in lead-up to busy earnings week
Martin Young3 hours ago‘Magnificent seven’ stocks shed $2.6T in lead-up to busy earnings weekThe world’s best-performing tech stocks have bled an average $125 billion market cap per day for the past 20 days while c
IRS Official: Crypto Is Here to Stay and ‘Becoming More Legitimate’
IRS Official: Crypto Is Here to Stay and "Becoming More Legitimate" A top Internal Revenue Service (IRS) official says, “Cryptocurrency is here to stay,” and “it&