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IMF Rates eNaira Performance Low

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The International Monetary Fund has described the public adoption of the eNaira as disappointingly low.

This was contained in a working paper that was released recently by the body and titled ‘Nigeria’s eNaira, One Year After’, where the Bretton Woods institution highlighted how the digital currency fared in its first year.

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President Muhammadu Buhari formally unveiled the digital currency at the state house in Abuja on October 25, 2021.

The IMF however said about 98.5 percent of eNaira wallets that were downloaded after the unveiling have been left unused.

READ ALSO: eNaira Records 700,000 Transactions Valued At N8bn – Emefiele

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While stating that the Central Bank Digital Currency project had yet to move beyond the initial wave of limited adoption, IMF added that the eNaira usage by households and merchants has been slow.

“The retail wallet downloads saw a few weeks of the initial surge before tapering off. More specially, it only took 25 days for the number of downloaded wallets to reach 500,000 units—but going from there to 600,000 units took another 63 days; and to 700,000 units yet another 143 days,” the paper reads.

“As of end-November 2021, the total number of retail eNaira wallets amounted to about 860,000. This is just 0.8 per cent of Nigeria’s active bank accounts.

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“Merchant wallet download has reached about 100,000 in end-June, which is about one-eleventh of the number of merchants with Point-of-Sales (POS) terminals—which enables credit or debit card payments.”

READ ALSO:Transactions On eNaira Platform Free For 90 Days -CBN

The institution further revealed that the downloaded wallets recorded low transactions while some have not been active except for the initial surge it recorded shortly after it was launched.

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It added that the average number of eNaira transactions weekly were carried out only by 1.5 percent of downloaded wallets.

The average number of eNaira transactions since its inception amounts to about 14,000 per week—only 1.5 percent of the number of wallets out there. This means that 98.5 percent of wallets, for any given week, have not been used even once,” the paper further reads.

“The average value of eNaira transactions has been 923 million naira per week—0.0018 percent of the average amount of M3 during this period. The average value per one transaction has been N60,000.”

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READ ALSO: CBN Defers eNaira October 1 Launch, Gives Reason

It added that the eNaira’s potential in financial inclusion requires a “strategy to set the right relationship with mobile money, given the former’s potential to either complement or substitute the latter,” the institution said.

“Cost savings from integrating CBDC—as a bridge vehicle—in the remittance process may also be substantial.”

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17-year-old Nigerian Named World Best In English At 2025 TeenEagle Finals In London

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…Outperforms over 20,000 participants from 69 countries

Nafisa Aminu, a 17-year-old student of Tulip International College, Yobe State, has emerged world’s best in English at the 2025 TeenEagle Global Finals.

The 17-year-old was named the World Best in English Language Skills at the 2025 TeenEagle Global Finals held in London, United Kingdom.

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READ ALSO: Fake Labubu Dolls Worth Millions Seized In London Raid Amid Growing Safety Fears

The TeenEagle competition is an internationally recognised contest that tests English proficiency, critical thinking, and communication skills, attracting students from both English-speaking and non-English-speaking nations.

Nafisa’s triumph was confirmed in a statement by the head of her family, Hassan Salifu, who attributed her success to “dedication, discipline, and the enabling support of the state government.”

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Representing Nigeria, Nafisa outperformed over 20,000 participants from 69 countries, a historic feat that has thrust her into the global academic spotlight and brought honour to Nigeria.

 

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FG Promotes 30 Senior NCoS Officers To Assistant Controller General

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The Civil Defence, Correctional, Fire and Immigration Services Board has approved the promotion of 30 senior officers of the Nigerian Correctional Service to the rank of Assistant Controller General of Corrections.

The announcement was made in a press statement signed by the NCoS spokesperson Umar Abubakar, on Tuesday.

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“The Civil Defence, Correctional, Fire and Immigration Services Board has approved the promotion of 30 Controllers of Corrections to the prestigious rank of Assistant Controller General of Corrections,” the statement read.

Abubakar noted that the promotions were made in line with CDCFIB’s commitment to “merit-based advancement, professional excellence, and the continuous strengthening of leadership within the Nigerian Correctional Service.”

READ ALSO:Customs Intercepts N1.7bn Falsely Declared Goods Across South-West Zone

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“Among the newly promoted officers are twenty-seven general duty officers who have demonstrated exceptional dedication, leadership, and operational competence in various formations across the country.

“In addition, three professional officers have also been elevated in recognition of their outstanding service and specialized contributions in the areas of Medical Laboratory Science, Nursing, and Public Health,” the statement read.

According to the statement, the promotion exercise was said to align with the ongoing reforms in the Service, a key part of President Bola Tinubu’s Renewed Hope Agenda.

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The statement credited the reform momentum to the Minister of Interior, Dr. Olubunmi Tunji-Ojo, whose efforts were described as “unwavering” and “unprecedented.”

READ ALSO:Court Strips Transport Minister, CRFFN Regulatory Power Over Licensed Customs

Controller General of Corrections, Sylvester Nwakuche, congratulated the newly promoted officers, charging them to rise to the responsibilities of their new roles.

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“I urge them to redouble their effort to service delivery, strategic leadership, and the core mandates of reformation, rehabilitation, and reintegration of inmates,” he said.

He further stressed that the promotions are not merely rewards for past service but “a call to higher responsibility in line with global best practices in correctional management.”

“The Service remains committed to building a motivated, disciplined, and professional workforce capable of meeting the complex demands of modern corrections and public safety,” Nwakuche added.

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Adeleke Flies To US For Davido’s Wedding

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Governor Ademola Adeleke of Osun State has travelled to the United States to attend the wedding ceremony of his nephew and music star, David Adeleke, popularly known as Davido.

Recall, Davido confirmed that he and his wife, Chioma Avril Rowland, will have their white wedding in Miami, Florida, in August 2025.

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He made the announcement during an interview on The Breakfast Club, aired on Tuesday, April 8, 2025.

The governor’s spokesperson, Olawale Rasheed, confirmed Adeleke’s trip in a statement issued on Tuesday, in response to concerns raised by the opposition All Progressives Congress over the governor’s whereabouts.

READ ALSO:Davido Thrills In Toronto, Brooklyn As US Tour Heats Up

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Governor Adeleke left Nigeria for the United States via the family’s private jet a few days ago for the wedding of the global music icon, his beloved nephew, David Adeleke.

“His Excellency is extending an invitation to the opposition party to attend the event and share in the joy of the occasion with the Adeleke family.

“Those unable to attend may join virtually,” Rasheed stated.

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He noted that Adeleke had not taken any official vacation since assuming office in November 2022 and said the current trip would be short.

READ ALSO:Davido Withdraws From 50 Cent’s London Concert

Additionally, from the November 2022 date, the governor has not gone on official vacation.

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“For this current trip, the Governor has again chosen to make it a short one to continually attend to crucial state functions.

“Meanwhile, the Governor is in constant communication with his deputy, Prince Kola Adewusi, who is supervising activities of the government,” Rasheed added.

Earlier on Tuesday, the Osun APC had accused Adeleke of leaving the state without informing residents or formally transmitting power to his deputy. The party described the governor’s absence as “abnormal.”

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READ ALSO:Davido, Asa To Perform At National Sports Festival’s Opening Ceremony In Abeokuta

In a statement signed by its spokesperson, Kola Olabisi, the party said, “The question being asked in hushed tones in some public places, inside commercial buses and by motorcycle riders and their passengers in the state, is where could be the whereabouts of their governor for this long.

“As the governor of all and sundry, we as a party need to know the whereabouts of the governor and who has been holding fort for him during his absence from the state since two weeks ago.

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“Did the governor duly transmit power to his deputy who is constitutionally covered to temporarily step into the shoes of his principal in his absence?”

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