The securities regulator has issued policies for ICO issuers, digital asset exchanges, custodians, VASPs, and when assets qualify as securities, but the central bank is still hostile.
The Central Bank of Nigeria said the upgrade makes onboarding easier, makes the wallet faster, and allows users to create a much wider range of payments.
The PwC Global CBDC Index placed Nigeria and the Bahamas at the top of the retail CBDC developments, with Thailand and Hong Kong leading the wholesale sector.
The IMF says that eNaira could raise financial inclusion to meet the ambitious target of 95%, but says Nigeria must be vigilant as it poses several risks.
The Bank of Tanzania is looking to expand its digital currency research and development team capacity, following the footsteps of Nigeria’s e-Naira, according to central bank Governor Florens Luoga.
The Central Bank of Nigeria further said that $150,000 had been transacted on its app, with 78,000 merchants from 160 countries enrolling for payments.
The eNaira was launched by President Muhammad Buhari, and after a few glitches, it’s starting to gain traction as more Nigerians appreciate its benefits.
Plans for the digital currency have been ongoing in the last four years and according to CBN Governor Godwin Emefiele, 500 million eNaira ($1.21 million) have already been minted.
A fintech firm went to court to sue the Central Bank of Nigeria for trademark infringement over use of eNaira, but the court has sided with the bank.
The website for the eNaira has launched, introducing the public to the CBDC and touting its benefits, as the official October launch date draws ever closers.
