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As eNaira nears a million downloads, Emefiele says: ‘We are taking baby steps’

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Four weeks after the launch of the eNaira, the Central Bank of Nigeria (CBN) stated that it is taking baby steps with Africa’s first digital currency, the eNaira.

This was disclosed by the CBN governor, Godwin Emefiele at the Monetary Policy Committee meeting on Tuesday, November 23, 2021.

He mentioned that the eNaira app currently has above 560,000 downloads and optimistically noted that “we’re getting closer to a million downloads.”

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What the CBN is saying 

The CBN governor noted that it was too early to pass judgment on the digital currency. He said “It is still too early to pass judgment on the eNaira because we are only in the fourth week. But I think it’s gratifying  to see that there have been over 560,000 downloads, with 490,000 being customers and 83,000 being merchants.”

He noted that the eNaira has several possibilities but it would be wise to take things with caution.

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The eNaira, as a digital currency product, has a wide range of possibilities; there are numerous things that can be done with it. But what we’ve done so far is constrain it and begin the journey gradually, with baby steps,” he remarked.

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He added that as the apex bank takes baby steps, they are observing how actors in that world are behaving to control some of the associated risks.

“So far, I think it’s a good result. When we see the performance of players in the eNaira market, we will gradually open it up,” Emefiele said, citing that he believes the digital currency would be a game-changer for the world and Nigeria.

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