Africa’s largest economy and most populous country “Nigeria” has launched the continent’s first digital currency, the e-Nairaback in October 2021.

The Central Bank of Nigeria (CBN) is continuing its plans to upgrade the country’s central bank digital currency (CBDC) for use in a wider range of goods and services. However, it also maintains strict crypto restrictions that cripple the country’s fintech sector.

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CBDC Upgrade

The Central Bank of Nigeria (CBN) has updated its eNaira app based on blockchain technology to keep Nigerians away from cryptocurrency.

In an announcement, the CBN said it would include bill payments in an enhanced version of the eNaira app.

The CBN also said:

This is part of measures to increase the use of digital currency, including awareness campaigns in major markets across the country.

On Monday, CBN Branch Comptroller Bariboloka Koyor spoke at a campaign in Lagos, the country’s most populous city, to urge businesses to start using eNaira.

said Bariboloka Koyor;

Starting next week, there will be an upgrade on the eNaira speed wallet app that will allow you to perform transactions such as paying DSTV or electricity bills or even paying for plane tickets .

According to Koyor, the eNiara Quick Wallet is faster and more convenient than internet banking, and there are no fees.

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Koyor said the upgrade was launched to make the product easier to use. It touted its fee-free wallet and was faster than internet banking. eNaira will be the only way to receive financial assistance from the government in the future.

He highlighted the benefits of early adoption:

This is a project that the CBN has rolled out to reach every Nigerian in terms of financial inclusion and in terms of efficiency, reliability and security in banking transactions so that we can do banking transactions very easily and safely. safely and that Nigerians can benefit from it. the benefit of eNaira.

Crypto Restrictions Suffocate Nigeria’s Fintech Sector

The value of the naira has fallen significantly over the past six years. This has pushed many Nigerians to use crypto. A report of KuCoin said 33.4 million Nigerians own or trade cryptocurrencies in the last six months.

Cryptocurrency has become a big issue in the Nigerian financial sector because young people are increasingly accepting it. Cryptocurrency is seen as a way to invest money, and young Nigerians are turning to digital currencies. As a result, bitcoin adoption in Nigeria has increased.

The Nigerian government fears that cryptocurrency adoption will harm its financial sector, so it banned cryptocurrency trading in February 2021. It then launched its own CBDC, eNaira, in October.

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The CBN published a statement to stop facilitating cryptocurrency-based transactions and ordered the closure of all accounts engaged in such transactions on February 5.

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