eNaira CBDC set for cross-border and wholesale use-case upgrade

Also, an eNaira-pegged stablecoin is in the works and will be publicly available soon, says Convexity founder.
Nigeria's Central Bank pushing eNaira adoption through USSD integration, university outreach, NFC contactless payments, remittance features and cross-border upgrades — even as adoption remained stubbornly low and the IMF warned retail CBDCs carry risks.
Nigeria's Central Bank pushing eNaira adoption through USSD integration, university outreach, NFC contactless payments, remittance features and cross-border upgrades — even as adoption remained stubbornly low and the IMF warned retail CBDCs carry risks.

Also, an eNaira-pegged stablecoin is in the works and will be publicly available soon, says Convexity founder.

The kit provides the tools to develop and test new CBDC-based products and services.

A deputy director with the bank said the CBN has introduced Near Field Communication (NFC) technology to enable contactless payments with the eNaira.

The move is aimed at driving adoption and providing an alternative for Nigerians to receive remittances.

The IMF MD believes retail CBDCs may result in “unforeseeable” results for central banks.

The eNaira could potentially be used to pay salaries of federal workers, a CBN official said.

The governor of the Central Bank of Nigeria attributes the increase to the government's welfare program.

The CBN hopes to boost the adoption of its central bank digital currency by making it easily accessible to feature phone users. Existing data suggest that most Nigerians use feature phones.