IMF: 98% of eNaira Wallets Are Dormant, Reflecting Low Uptake

International Monetary Fund

The International Monetary Fund reports that the Central Bank of Nigeria's eNaira has a low adoption rate after one year of operation.

This information was presented in a recent report by the IMF titled "Nigeria's eNaira, One Year After."

The Washington-based bank made it clear that the majority of eNaira wallets downloaded after the launch are inactive—roughly 98.5 percent.

The Washington-based bank made it clear that the majority of eNaira wallets downloaded after the launch are inactive—roughly 98.5 percent.

The report also stated that throughout the evaluation period, the average weekly value of eNaira transactions was N923 million, or 0.0018% of the M3 average money supply.

"The average number of eNaira transactions since its inception amounts to about 14,000 per week- only 1.5 per cent of the number of wallets out there. It means that 98.5 per cent of wallets, for any given week, have not been used even once," the report stated.

The eNaira, the Central Bank of Nigeria's digital currency, was introduced on October 25, 2021 in Abuja.

See IMF Expresses Alarm As eNaira Transactions Top 1.4 Million