Saturday, October 8, 2022

Nigeria Upgrades its CBDC, eNAIRA to Encourage Mass Adoption

The Federal Republic of Nigeria through its apex bank has upgraded the capacity of its Central Bank Digital Currency (CBDC), the eNaira, to be used by its citizens to purchase a wider range of goods and services within the country.

According to local news media, Vanguard, the announcement was made by the branch controller of CBN, Bariboloka Koyor while speaking during a campaign in the country’s business hub city, Lagos sensitized the public on the opportunities that the eNaira adoption presents.

The eNaira was introduced by the president, Muhammadu Buhari in October 2021, and is managed by the Central Bank of Nigeria (CBN), following a stringent ban on cryptocurrency in the nation in February of the same year, owing to claims of the volatile nature of digital assets to crimes and insecurities of all sorts.

The ban sternly discouraged commercial banks in the nation from accepting and managing crypto assets, adding that a serious sanction will be issued to any bank that defaults on this. Before the ban, data gathered from Google Trends showed Nigeria was ranked first in the world amongst countries with high search interest for Bitcoin (BTC), followed by El Salvador.

Commenting on the upgrade of the CBDC which is available for download on the Apple Store and Playstore, Mr. Bariboloka said when the upgrade is fully launched next week, subscribers will be able to do a wide range of activities on the app which includes paying light bills as well as flight tickets.

He added that the upgraded digital currency is faster and more convenient to use than the services of internet banking.

Added to the upgrade, a USSD code was also launched to enable users without internet access to use the eNaira to trade. Koyor also noted that “the USSD code *997# is out and it is just for more people to be aware of it and begin to use it.”

Amidst crippling sanctions and a ban on cryptocurrency by the giant of Africa, the Central African Republic, a nation in the African continent in April announced the adoption of crypto as a legal tender, enabling its citizens to pay taxes in digital currencies.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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