The eNaira, the first figures – The Central Bank of Nigeria (CBN) recently launched its digital currency. The opportunity for a battle of numbers on the adoption of the official eNaira wallet, against the backdrop of the threat represented by Bitcoin according to the authorities of the country hard hit by inflation.
Bitcoin vs. eNaira: Adoption War Through Numbers
Central Bank of Nigeria spokesperson Osita Nwanisobi reportedly indicated that 78,000 merchants from 160 countries have signed up to join the eNaira ecosystem. 488,000 eNaira wallets were downloaded within a few weeks of the official launchl Nigerian central bank digital currency.
These good figures on eNaira are however qualified by others, advanced by Nwanisobi in an article of November 15, 2021 published on Bloomberg. The amount of eNaira exchanges would actually only amount to $ 150,000 since its launch, a drop in the bucket compared to the 60,215 BTC, worth around $ 3 billion, traded by Nigerians between 2017 and 2020.
Bitcoin would be the major alternative adopted by Nigerians today, faced with the devaluation of the naira. Some members of the Nigerian diaspora working abroad even prefer to send bitcoin to the country, rather than fiats.
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Slowing down the advance of bitcoin: eNaira, the assault of the last chance
The Central Bank of Nigeria has previously attempted to stem the significant growth in cryptocurrency adoption in the country, including ordering banks to freeze the accounts of cryptocurrency traders and investors.
The institution is now trying to compete with bitcoin with the launch of eNaira. She presents the latter as an inclusive digital currency accessible to all. The MNBC would respect the legal framework in force in Nigeria in terms of data protection. However, it is also designed in accordance with the provisions relating to the fight against money laundering and the financing of terrorism. ENaira users should therefore logically in this context, transmit their personal data to the central bank.
This war on cryptocurrencies is far from won, however, given a study by Chainalysis indicating that Nigeria is today one of the countries with the highest proportion of retail users transacting cryptocurrency under $ 10,000.
Nigeria is ahead of almost every country in the MNBC race. It is thus far ahead of the United States, which does not seem in a hurry to release its digital dollar, and which prefers for the moment to be interested in a legal framework for stablecoins.
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