The naira is the currencyofNigeria. One naira is divided into 100 kobo.The Central Bank ofNigeria claimed that they attempted to control the annual inflation rate below 10%. In 2011, the CBN increased key interest rate six times, rising from 6.25% to 12%. The value of eNaira in circulation rose by 302 per cent in nine months to N10.26 billion at the end of September reflecting increased adoption of Africa’s Central Bank Digital currency. As of March 2024, eNaira, Nigeria's digital currency, made up less than 1% of the total currency in circulation. Despite being an innovative step towards digital financial inclusion, it has yet to achieve significant adoption compared to traditional cash. Nigeria’seNaira: Lessons from implementation challenges and the path forward.As of August 2023, the volume of eNaira in circulation was N9.78 billion, according to the Central Bank ofNigeria. This rose to N13.98 billion by 2023’s end. The eNaira wallet is required to access, hold and use eNaira. eNaira is a unit of account, store of value and medium of exchange. Currency in Circulation (₦ mn). The Central Bank ofNigeria (CBN) launched the official website of its digital currency, the e-Naira, on the 24th of September 2021. The digital currency was launched as Nigeria’s alternative to the more prevalent currencies like bitcoins and cryptocurrencies. Despite the Nigerian government’s ambitious launch of the Central Bank Digital Currency, the eNaira, the adoption rate has remained low, making up less than 1% of the total currency in circulation as of March 2024. Introduction In October 2021, Nigeria made history by launching the eNaira, becoming the first African nation and one of the few countries globally to introduce a Central Bank Digital Currency (CBDC).