Nigeria's eNaira Adoption Surges 300% After Cashless Policy Expansion

The Central Bank of Nigeria has reported a dramatic 300% increase in eNaira transactions over the past month, following the expansion of its cashless policy to all 36 states.

Daily transaction volumes on the central bank digital currency platform have exceeded ₦12 billion for the first time, with over 18 million active wallets now registered across the country.

The surge comes after the CBN reduced cash withdrawal limits for individuals to ₦100,000 per week and for corporate entities to ₦500,000, pushing more Nigerians toward digital payment alternatives.

Key Drivers of Growth

"We are witnessing a fundamental shift in how Nigerians interact with money," said CBN Governor Yemi Cardoso at a press briefing in Abuja. "The eNaira is no longer an experiment. It is the backbone of our digital economy."

Adoption by the Numbers

According to a CBN payment system report, digital currency transactions now account for 8% of all retail payments in Nigeria, up from just 1.2% in December 2025. A recent Statista survey found that 62% of Nigerian adults are aware of the eNaira, with 34% having used it at least once in the past 90 days.

For Nigerians managing money in a rapidly digitizing economy, understanding how to save money fast and following a low income budget example remains essential regardless of payment method.

Rural Inclusion Concerns

Consumer advocacy groups have raised concerns about financial exclusion, arguing that rural communities lack adequate merchant infrastructure. The CBN responded by announcing a ₦5 billion grant program to equip 50,000 rural retailers with eNaira-enabled POS terminals.

Global Context

The International Monetary Fund noted in its April 2026 digital currency monitor that Nigeria remains one of the few countries to achieve double-digit adoption of a central bank digital currency since its pilot launch in 2021.

The CBN confirmed that eNaira interoperability with mobile money operators will go live by August 2026.