eNaira faces uncertain future after ousting of Nigeria’s central bank governor
Godwin Emefiele was dismissed by the new president 10 days after his administration took over and has been held by the police for questioning since then.
Latest eNaira News
IMF lauds eNaira in its 1-year assessment but cautions against intermediation
The International Monetary Fund says the eNaira has proven that a CBDC can work, but it says Nigeria has room for improvement in integrating eNaira with mobile money and in remittances.
Cash shortage sparks 63% spike in eNaira transactions
Nigeria’s cash shortage amid the botched note replacement program has been a big win for eNaira, with e-wallets now at 13 million, a 1200% rise from October.
Nigeria’s president-elect pledges to champion blockchain in revenue collection, banking
Bola Tinubu takes over from Muhammad Buhari who banned banks from servicing VASPs, and says he’ll do better and push for blockchain adoption in Nigeria.
Nigeria’s central bank on hunt for new tech partners in bid to fix ‘broken’ CBDC
To salvage its ailing central bank digital currency project, the Central Bank of Nigeria seeks new partnerships to help innovate eNaira's features and improve its adoption rate.
Nigeria’s economy grinding to a halt due to cash shortage—is time for Bitcoin?
Nigeria is replacing its paper money with redesigned currency notes, and with people queueing for hours just to get $43, the economy is grinding to a halt.
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.
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.