November 03, (THEWILL) –Â The digital currency of the Central Bank of Nigeria (CBN), eNaira has shown good prospects for increased transborder trade.
President Muhammadu Buhari launched the eNaira on Monday the 25th of October 2021, making Nigeria the first African country to create a central bank digital currency (CBDC).
THEWILL gathered that in only the first week of the product (as of Monday 01 Nov 2021) about 367,000 consumer wallets and over 58,600 merchant wallets have been downloaded; suggesting a massive early interest and adoption by Nigerians all over the world.
Rating of the Appsl also has been rapidly improving and is now nearly the 3/5 mark.
To put this into context, popular banking apps like GTB, Access Bank, Kuda Bank all have 1 million-plus downloads respectively on the Google Play Store. The apps have been available for years. First Bank has over 5 million-plus downloads, one of the most downloaded banking apps in Nigeria.
But the eNaira in just a week, after launch, has shown such impressive downloads. This suggests that Nigerians all over the world are downloading the app and onboarding into the eNaira system, thereby proving that it might have great benefits for cross border trade and inflow of remittances.
Contrary to the lie that Google pulled the app because of poor rating, we see something much more encouraging.
Google pulled it temporarily because of the massive downloads they saw on the App and was just being cautious.
