Nearly 500,000 Nigerian CBDC Wallets Downloaded Since Launch – Fintech Bitcoin News

Nearly half 1,000,000 e-naira wallets have been downloaded just a few weeks after the central financial institution digital forex (CBDC) was formally launched by Nigerian President Muhammadu Buhari, the central financial institution has mentioned.

E-Naira’s Initial Trade Volumes

In addition to the 488,000 wallets which were downloaded, Osita Nwanisobi, who’s the Central Bank of Nigeria (CBN)’s spokesman, is quoted confirming {that a} complete of 78,000 retailers from 160 international locations have now enrolled to change into part of the e-naira ecosystem.

Despite the CBDC’s seemingly early success, a report by Bloomberg quotes Nwanisobi confirming that solely $150,000 (62 million naira) value of the digital forex has been traded since launch. Yet, alternatively, Nigerians have traded some 60,215 bitcoins, that are at present valued at over $3.6 billion, between 2017 and 2020.

This traded quantity, which according to the report is the biggest exterior the United States, suggests the cryptocurrency has change into an vital various to the depreciating naira. As beforehand reported by News, some Nigerians working overseas now desire to ship a reimbursement dwelling through bitcoin. Others are utilizing the highest cryptocurrency to make cross-border funds, whereas some now use BTC to hedge towards inflation.

Continuing Attempts to Restrict Cryptocurrency Use

However, as a part of an effort to limit the additional development and curiosity in cryptocurrencies, the CBN initially directed monetary establishments to chop off cryptocurrency entities from the banking system. The launch of the e-naira, which is Africa’s first CBDC, is the most recent try by the CBN to entice Nigerians away from cryptocurrencies like bitcoin.

Yet regardless of these efforts, a research by Chainalysis nonetheless discovered that Nigeria has one of many largest proportions of retail customers that conduct cryptocurrency transactions which are underneath $10,000.

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Tags on this story
CBDC, CBN ban, CBN crypto, Chainalysis, cross border remittances, Cryptocurrency, Digital Currency, e-naira, naira depreciation, Nigeria, Osita Nwanisobi

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