Nigeria to explore ICOs and stablecoins to broaden payments landscape
Nigeria published a new policy document, pledging to rethink its ICO stance to attract FDI as well as a blockchain-based CBDC amid slow eNaira uptake.
Latest eNaira News
BIS: African central banks pushing for CBDCs, but their motivation differs from other regions
Bank for International Settlements found that payment system efficiency is the key motivator, but unlike other regions, African central banks see CBDCs as a great tool for monetary policy.
Nigeria resorts to auto rickshaws to drive eNaira adoption
The lack of clarity on CBDCs and virtual currencies among Nigerians led to a slump in eNaira adoption rates, forcing the central bank to offer transport incentives to drive up adoption.
Nigeria slashes eNaira’s merchant service charge by 50% to spur adoption
Since its launch in October 2021, the eNaira has seen lackluster uptake, and the Central Bank of Nigeria is seeking to remedy this in its latest move.
eNaira hits $10M in transactions as Nigeria central bank targets 10-fold growth
The eNaira adoption has been lackluster, with the total transaction volume over the past year being just a fraction of the digital assets trading volume.
Nigeria’s eNaira now available via USSD to boost adoption and financial inclusion
The central bank believes that making the eNaira available to feature phone users will boost uptake, although some are skeptical about security and privacy.
Nigeria SEC publishes digital asset regulations amid central bank crackdown
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.
Nigeria upgrades eNaira to widen payments scope
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.
PwC: More than 80% of central banks have considered launching CBDC
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.
IMF: Nigeria’s eNaira could be used for terrorism financing, money laundering
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.
Tanzania central bank wants to develop own digital currency
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.
Nigeria’s eNaira mobile app sees 500,000 downloads weeks after launch
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.