According to a report titled “Nigeria’s eNaira, One Year After” published on the International Monetary Fund’s website, it has been revealed that 98.5% of eNaira wallets have remained unused one year after the launch of Nigeria’s central bank digital currency.

Despite initial glitches, the report noted that there have been no significant risks associated with the launch of the CBDC. However, the adoption of eNaira by households and merchants has been slow and limited.

The total number of wallet downloads accounted for only 0.8% of active bank accounts in Nigeria. The report highlighted that most wallets appear to remain inactive, with transactions conducted by only 1.5% of downloaded wallets.

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The average number of eNaira transactions per week amounted to around 14,000, indicating low utilization. The IMF described the adoption rate as disappointingly low, falling below expectations.

It concluded that it is still premature to determine the fate of the eNaira project. In a previous report, the IMF had already noted the limited usage of the eNaira, with approximately 8% of wallets in active use and an average transaction value of N53,000.

The Managing Director of the IMF, Kristalina Georgieva, has warned about the potential unforeseen consequences of retail central bank digital currencies.