Nigeria’s e-Naira gains more ground as Bitcoin P2P volume shrinks
Although the Federal high court gave Nigeria’s central bank digital currency, e-Naira a green light earlier in October, the Central Bank took four weeks to officially launch it. With the launch of e-Naira on 25 October, 2021, Nigeria became the first African country to launch a CBDC.
Despite the popularity of Bitcoin in the country, the e-Naira launch was massive. Reports suggested that over 200,000 wallets were downloaded within 24-hours of launch. Meanwhile, other data suggested that nearly 156,700 consumer wallets were downloaded while 23,650 merchant wallets were downloaded. This suggested that the citizens were keen on using the CBDC and services.
This interest can also be highlighted in the number of app downloads in the country. Nearly
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