Central Bank of Nigeria (CBN) Governor, Godwin Emefiela, has applauded the progress the recently launched central bank digital currency, or CBDC, eNaira is making since it was rolled out to a rocky start.
Last week, Nigeria rolled out its eNaira CBDC after the Bahamas became the first country in the world to launch one, known as The Sand Dollar, earlier.
Emefiele said in a statement that there was an “overwhelming interest and encouraging response.”
President Muhammadu Buhari had estimated during the launch that the digital currency could generate an additional $29 billion in economic activity over the next decade, citing the possibility of direct government welfare payments via the digital currency.
According to Emefiele, since its launch on October 25, 33 banks, 2,000 customers, and 120 merchants have signed up for the platform.
The app is available on both Apple and Android. Over 200 million worth of eNaira ($602,959 dollars) has since been issued to financial institutions in the country.
But while government officials are optimistic about its outlook, the launch has not gone entirely smoothly. The CBN’s eNaira Speed Wallet briefly went offline shortly after its unveiling on app stores such as Google Play. The app was reportedly removed to facilitate an upgrade after receiving over 100,000 downloads, with polarising reviews. Users mostly complained about glitches and several features of the app not working at all. It is currently available again.