THE Central Bank of Nigeria (CBN) has reported a 284.6% increase in the transaction volume of its digital currency, eNaira, for August 2023.
The apex bank which stated this in its Monthly Economic Report for August 2023 also noted that for August, eNaira reached N9.78 billion.
Although the increase in eNaira for the month was substantial, when compared to the Currency-In-Circulation (CIC) it was only 0.37%.
The report said: “There was a substantial increase in the eNaira, which rose by 284.6% to ₦9.78 billion, although the ratio of eNaira to CIC at 0.37%”
The CBN also reported an 11.7% decline in currency-in-circulation for August to reach N2.66 trillion.
The decline in CIC was attributed to a rise in the use of electronic payment methods for business transactions.
[NaijaTimes]