The Central Bank of Nigeria (CBN) plans to expend the use of its digital currency, eNaira, to facilitate payments into government accounts and allow Ministries, Departments, and Agencies (MDAs) to initiate vendor and beneficiary payments. This is according to the…
Nigeria’s Central Bank Digital Currency (CBDC), eNaira, makes up less than 1% of the total currency in circulation as of March 2024, almost three years after it was launched. According to data from the quarterly statistical bulletin of the Central…
By Sodiq Adelakun In a significant move to advance the adoption of Nigeria’s digital currency, the Central Bank of Nigeria (CBN) has entered into a strategic partnership with blockchain firm Gluwa. The collaboration, formalised through a Memorandum of Understanding (MoU),…
The Central Bank of Nigeria (CBN) has denied claims made by the media that the launch of the eNaira is endangering the country’s financial stability. In a statement released on Monday in Abuja, Dr Isa AbdulMumin, the Director of Corporate…
The Central Bank of Nigeria (CBN) has upgraded the eNaira by introducing a chip-enabled Near Field Communication (NFC) device into the eNaira. The NFC feature will enhance the use of the eNaira by Nigerians without smart phones or internet access.…
The Central Bank of Nigeria (CBN) on Thurs day took awareness of its digital currency, eNaira, to the student community in the University of Abuja. According to Mr Joseph Angaye, Deputy Director, Risk Management Department, who led the CBN team,…
By Sodiq Adelakun Nigeria’s Central Bank Digital Currency (CBDC), eNaira, and the first to be issued in the world, is failing to live up to expectations in terms of boosting remittance and improving the informal economy. This is despite huge…
The Central Bank of Nigeria (CBN) has partnered with Benson Idahosa University, Benin, Edo State, to deepen adoption of eNaira as a payment system and medium of exchange. Branch Controller, CBN, Benin, Michael Mbeze, stated this during a three-day training…
The Managing Director of the International Monetary Fund, Kristalina Georgieva, has cautioned about the unforeseeable “consequences” that could be brought about by the retail central bank digital currencies. Georgieva expressed her concern about retail CBDCs in a May 1 interview…
The Central Bank of Nigeria (CBN), in collaboration with the Bankers Committee, has begun its sensitisation and public enlightenment in Kano markets, to enhance the adoption of eNaira. The team, comprising CBN staff and representatives of some commercial banks, took…
