Nigeria’s blockchain adoption will continue this year, with enterprise solutions taking center stage as blockchain goes beyond hype into the utility phase.
The African Stablecoin Consortium has clarified that media reports of a February 27 launch are misinterpreted and are still in talks with regulators.
The new stablecoin will be overseen by the Africa Stablecoin Consortium, which includes leading commercial banks, the central bank, and other stakeholders.
The cNGN stablecoin will not be a substitute to eNaira, which recorded dismal adoption figures since its inception, but would operate as a complement to push locals into adopting emerging tech.
Digital assets came of age in 2023, moving beyond speculation and impacting remittances and payments as regulators started getting a grip on the industry.
Centbee Founder and CEO Lorien Gamaroff talked about what should guide our decision-making, what blockchain needs to succeed in emerging economies, and blockchain opportunities in Africa.
The Central Bank of Nigeria says that a paper it published two weeks ago has been misrepresented by news outlets and defended the eNaira against claims of being a threat to Nigeria.
The central bank didn’t reveal details on how it would amend Africa’s first CBDC but says the goal is to raise the volume and activity of eNaira wallet holders.
Joseph Angaye, deputy director of the Central Bank of Nigeria’s risk management department, disclosed that the CBN will continue to leverage innovative technologies like the NFC to improve user experience.
Nigeria has now lifted a ban that it placed in 2020 allowing remittance payments only in the USD—experts say the move will re-ignite the dwindling remittances.
International money transfer operators are expected to apply for a one-time license to pay out funds in the eNaira, with the CBN providing account details for IMTOs to receive foreign currencies.