The value of the eNaira, the digital currency of the Central Bank of Nigeria (CBN), increased by 78.8 percent year-on-year (YoY) to N18.32 billion in the first ten months of 2024 (Q3’24) from N11.66 billion in 2023.

CBN's data analysis which makes up the apex banks Monthly Economic reports for the review period indicated that the value of eNaira was stable in the first quarter of 2024 at N13.98 billion from the previous quarter of 2023.

The value rose by 31 percent YoY to N18.38 billion in the second quarter of 2024 but fell by 0.16 percent to N18.35 billion in the third quarter of 2024.

Recall that the e-Naira was introduced by CBN in October 2021 and is the digital form of the Naira.

CBN stated that the eNaira was made to deepen financial inclusion by bringing more people into the financial space, support a resilient payment ecosystem, reduce the cost of processing cash, enable welfare intervention to citizens, increase transparency in revenue and tax collections, facilitate Diaspora remittances, reduce the cost of financial transactions and improve the efficiency of payments.

The Governor of CBN, Olayemi Cardoso, speaking at the 59th Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria (CIBN), said: “To further enhance confidence in the payment system, our Payment System Vision 2025 initiative will drive initiatives to encourage quick and affordable cross border payment, a critical step toward unlocking trade , investment and economic growth.

“Additionally, the eNaira, our CBDC, holds significant growth potential.

“We will therefore undertake a comprehensive review of its implementation to optimize broad and positive economic impact.”