ADVERTISEMENT
TechEconomy
Wednesday, June 4, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » Nigeria’s Digital Currency Transactions up by 63%

Nigeria’s Digital Currency Transactions up by 63%

Justice Godfrey Okamgba by Justice Godfrey Okamgba
March 24, 2023
in Finance
0
Digital Currency

RelatedPosts

Tony Elumelu, chairman of UBA

Tony Elumelu Buys N43.9bn Worth of UBA Shares to Boost Stake

June 3, 2025

Naira Appreciates, Closes at N1,582/$1 in Official Market

June 3, 2025

According to Nigerian Central Bank Governor Godwin Emefiele, central bank digital currency or e-naira transactions have increased 63% to $47.7 million, with around 13 million wallets downloaded since October 2022.

The Governor credited the boost in the value of CBDC transactions to the use of the e-naira by the Nigerian government when transferring social welfare funds to marginalized groups.

The value of Nigeria’s central bank digital currency (CBDC) transactions increased by 63% to $47.7 million (22 billion), with approximately 13 million e-naira wallets downloaded since October 2022, said Emefiele.

However, the country’s currency in circulation fell from more than $6.9 billion (3.2 trillion) in September 2022 to around $2.2 billion in September 2023. (N1 trillion).

The Central Bank of Nigeria’s (CBN) botched demonetization policy has been blamed for the drop in the value of circulating naira banknotes.

Following the announcement of its plan to circulate newly designed banknotes, Nigerian residents were given a few months to return old 200, 500, and 1,000-naira banknotes.

The perceived short repatriation period, as well as the CBN’s failure to provide sufficient banknotes of the newly designed naira, sparked violent protests and requests for a deadline extension.

According to TechEconomy, after the Nigerian Supreme Court ruled against the demonetization process, the Central Bank of Nigeria (CBN) relented and now says previously demonetized banknotes will remain legal tender until the end of the year.

Despite the CBN’s change of heart, both new and old naira banknotes are said to be in short supply, which some Nigerian commentators believe may explain the sudden increase in the value of e-naira transactions.

Loading

Advertisements
MTN ADS

Author

  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

    View all posts
0Shares
Tags: CBDCCBNdigital currencyeNaira
Previous Post

Pan-Atlantic University Selected To Host Carnegie African Diaspora Fellow

Next Post

Apply: Amazon Launches AWS FinTech Africa Accelerator for African FinTech companies

Justice Godfrey Okamgba

Justice Godfrey Okamgba

Related Posts

Tony Elumelu, chairman of UBA
Finance

Tony Elumelu Buys N43.9bn Worth of UBA Shares to Boost Stake

by Latifat Fashina
June 3, 2025
0

Tony Elumelu, chairman of United Bank for Africa Plc (UBA), has increased his stake in the bank by purchasing 1,267,669,350...

Read more
NairaWatch, Naira and dollar

Naira Appreciates, Closes at N1,582/$1 in Official Market

June 3, 2025
Agentforce for financial services by Salesforce

Salesforce Introduces Agentforce for Financial Services to Address Shrinking Workforces

June 2, 2025
Segun Alebiosu, CEO, FirstBank China-Africa Interbank Association | FirstBank Agent Credit

FirstBank Disburses N1billion in One Day via Agent Credit Scheme

June 2, 2025
America Debt - IMF

Can AI Save America from its Debt Spiral

May 31, 2025
Nigeria economy by FBNQuest, Naira currency, Nigeria's currency, strongest currencies

Naira Holds Steady at N1,586/$1 in Official Market

May 31, 2025
Next Post
Apply: Amazon Launches AWS FinTech Africa Accelerator for African FinTech companies

Apply: Amazon Launches AWS FinTech Africa Accelerator for African FinTech companies

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.