[Nigeria CBDC](https://cointelegraph.com/news/nigeria-cbdc-adoption-spikes-as-fiat-currency-shortage-grip-the-nation) adoption has been soaring over the past months due to millions of residents turning away from using the country's fiat currency in favour of the eNaira, multiple news outlets have reported.

The Central Bank of Nigeria has printed larger denominations of its currency to replace older banknotes as it fights rising inflation.

While this has been one of the many ways several developing economies, including West African counterparts like Ghana, have tried to reduce inflation and tackle rising economic challenges, most Nigerians feel that the current financial crisis provides the perfect opportunity for them to experiment with the country's central bank digital currency ([CBDC](/news/article/uk-sought-cbdc-head)). 

## Nigeria CBDC wallets usage has increased by 12-fold 

Wallets created for using the eNaira have increased 12-fold in the past five months, according to Godwin Emefiele, the Central Bank of Nigeria's governor.

The number of [CDBC](/news/article/russia-develop-cbdc-settlement) wallets currently stands at 13 million, up from around 1 million in October 2022.

According to a Bloomberg report, the eNaira transactions valuation has spiked by 63% to approximately 22 billion Naira (about [$47.7 million](https://www.bnnbloomberg.ca/nigeria-digital-currency-transactions-jump-63-on-cash-shortages-1.1898692)) since its introduction in October 2021. 

## More than 10 billion eNaira minted

According to Emefiele, the [CBDC](/news/article/central-bank-of-kazakhstan) has become the payment channel of choice for the execution of social interventions as well as financial inclusion. 

This is why the country's demonetization programme led to the minting of more than 10 billion eNaira while the circulating cash supply was reduced by 68.75% from 3.2 trillion nairas to 1 trillion nairas. 

## CBDCs continue to trend across the globe     
                      
As of 22 March, Nigeria joins China and the Bahamas as countries with real-world use cases of national digital currencies.

Other [sub-Saharan](https://www.imf.org/en/Blogs/Articles/2022/06/23/blog-africa-cbdc) countries like Ghana and South Africa are piloting an electronic version of their countries' fiat currencies, while Zambia, Namibia, Zimbabwe, Madagascar, Tanzania, Rwanda, Kenya, and Uganda are keenly embarking on research programmes.


Nigerian CBDC Naira in wallet in front of image of Nigeria

Nigeria CBDC Adoption Soars Amid Cash Shortage 

## Paybis Is Rewarding Nigerian Customers with Five [Ethereum](/coins/eth) Coins.

•	Paybis is rewarding its Nigerian users with rewards in the region of 5 Ether.
•	Paybis is trying to increase the usage of the e-wallet Neteller to buy cryptocurrencies.
•	Paybis is one of the biggest cryptocurrency exchanges in the market.

Paybis broke the internet during the last days of March after the cryptocurrency exchange announced rewards for Nigerian customers in the region of 5 ETH who buy digital assets with Neteller. 

March proved to be an excellent month for several cryptocurrency exchanges as the market made efforts to recover from the bearish engulfing.

What happened? Paybis announced through a blog that customers in Nigeria (one of Paybis’ supported countries) stand a chance of earning up to 5ETH using Neteller to buy cryptocurrencies.

This promotion is open to all Nigerians who have the legal documents to prove they are at least 18 years old.

Starting on Monday, April 4, 2022, residents of Nigeria can buy a minimum of $20 worth of cryptocurrencies on Paybis using their fully verified Neteller Account. 

The first winner will be randomly chosen and announced after 30 days (May 4, 2022). The second winner will be announced after 60 days (June 3, 2022).

Paybis will send a direct message to winners' fully verified contact numbers linked to accounts on Paybis.

Residents of Nigeria should have an Ether (ETH) wallet address as this is a requirement for receiving the 5 Ether tokens.

Some of the best crypto wallets for storing Ether that [Moni Talks](/) would like to recommend are TrustWallet and MetaMask.

Why does this matter? Many Nigerian customers prefer to fund their Paybis wallets with other payment methods instead of Neteller to buy cryptocurrencies.

Payment methods supported by Paybis in addition to Neteller include bank transfers, debit and credit cards, and Skrill Money transfers.

As of writing, the native asset of the Ethereum ecosystem was trading in the range of $3,155 and $3,573. This means that buying $20 worth of crypto tokens using Neteller as a payment method on the Paybis cryptocurrency exchange can earn any Nigerian customer approximately $15,000.

This converts to NGN 6.2 million in local currency.

It is a good time to be a Paybis customer if you are a resident of Nigeria. This is because the average monthly salary is NGN 43,200, and this rounds up to an annual salary of approximately NGN 518,400.

The average annual salary is around $1,245.

Earning 5 Ether will be a 1,100% increase in the annual salary of an average Nigerian.

## How to Buy Cryptocurrencies on Paybis with Neteller 

Firstly, you have to [sign up for an account](https://paybis.com/).

In line with verification, Paybis will ask you for an active email address and phone number. These will be verified first.

Secondly, you have to provide authentic information about yourself - input legal details of your full legal name and provable residential address.

Thirdly, verify your account.

Per compliance with regulations, the Paybis cryptocurrency exchange will ask for a government-issued identification card that confirms the details of earlier input.
Cards with your signature embossed are mostly preferred. Additionally, since Nigeria is not one of Paybis’ restricted countries, you will be asked to provide proof of address.
You also have to upload scanned images of, preferably, your bank statement since it comprises your residential address.

Fourthly, deposit funds via Neteller.

You should have a fully verified account on Neteller before you can use it to buy cryptocurrencies. Choose from the range of fiat currencies most preferred by Nigerians, the United States Dollar (USD).

Lastly, navigate to the page of the cryptocurrency of your choice. On that page, buy at least $20 of your preferred cryptocurrency, and Paybis will process your order within a short period.

Located in the United Kingdom, Paybis is a cryptocurrency exchange founded in 2014. Paybis reviews online have been mainly positive. Paybis customer service is one of the best in the space, it's highly regulated, and it supports several payment methods. Paybis fees are some of the lowest in trading, and Paybis verification is rated as one of the simplest.  

Neteller is a financial services wallet by the PaySafe Group, the same company that owns Skrill Money Transfer. 
 



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Nigeria Crypto News

Read the latest Nigeria crypto news.

Nigeria CBDC Adoption Soars Amid Cash Shortage

Paybis is Rewarding Nigerian Customers