It has been a few weeks when the Central Bank of Nigeria had launched a pilot testing program of the country’s national digital currency “e-naira” and along with it also launched a digital wallet app for the digital naira. In a matter of two weeks only, the digital wallet app for e-naira has become the top downloaded app in Nigeria in recent times.

Nigeria enjoys the privilege of being the first African country have complete the project of Central Bank Digital Currency (CBDC) i.e. “e-naira”. The project of e-naira isn’t just completed but it has been sent out in the mainstream financials for the purposes of pilot testing. The honor of launching the pilot testing program was done two weeks ago through the hands of Nigerian premier, Muhammadu Bihari.

When e-naira was made available for testing two weeks ago, the digital wallet app for e-naira too was launched subsequently. One cannot utilize e-naira if a person or an institution does not have the required application installed into the pc, tab or mobile phone. So when the project was launched, instantly millions of people rushed for downloading the e-naira digital wallet app. The storage system containing the app was bombarded with thousands of people requesting for app download at a time. Resultantly, people had to wait longer than usual as there was low download speed. In some cases, the app could not be accessed because of the huge traffic load.

Things are now normal and the digital wallet app has been further improved and glitches removed. Still, there are thousands of users downloading the app. As of today, it has been recorded that more than 500,000 downloads have been successful. By far, e-naira’s digital app is the top download in Nigeria in recent times.

Within these half, a million downloaders, approximately 78,000 downloads belong to merchants who are based in other countries outside Nigeria. This shows that so far, the pilot testing of e-naira is proceeding better than what the Central Bank of Nigeria had expected. However, in terms of downloads, e-naira’s trading had been on the lower side. According to the Central Bank of Nigeria, e-naira worth US$ 150,000 only has been traded to date through digital wallet apps to date.

This does not mean that Nigerians are not acquainted with digital currencies. In fact, Nigeria is one of the biggest adopters of cryptocurrencies in the African region. Since the launch of e-naira, Nigerians have also traded more than 60 thousand BTCs. This means that Nigerian investors have invested more than US$ 3.6 Billion into Bitcoins since e-naira’s launch. It seems as if Nigerians will take time to adapt their very own digital currency. Until then, they would like to stick to their original plans i.e. investing in major cryptocurrencies of the world.

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