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Nigeria Amend eNaira To Boost use of Digital Currency

Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, said in a tweet on the bank’s Twitter account on Wednesday that Nigeria is altering its eNaira model to promote greater use of the central bank digital currency (CBDC). eNaira Nigeria

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Nigeria has been trying to encourage more people to use the new currency, which was introduced in October 2021. Even while the number of eNaira wallets increased by more than 12-fold to 13 million between October 2022 and March of this year, it is still a very modest figure for a nation with a population of around 224 million.

According to an update posted on the CBN website, bank officials publicly pleaded for increased eNaira adoption earlier this month.

The eNaira is expected to help us to be at par with what other countries are doing. The unfolding trend now is that we use ePayment rather than physical cash. It is the semblance of the Naira that we could use in transactions rather than physical cash because the Naira, as we know, is very difficult and costly to replace

Mercy Itohan Ogbomon-Paul, controller at CBN Akwa Ibom

The eNaira has been updated to include NFC technology, which is the same technology employed by well-known contactless payment services like Apple Pay and Google Pay. Peer-to-peer (P2P) transfers are now made possible by digital currency, facilitating frictionless user transactions.

The central bank has also added improved programmability features that let users establish limitations on payments, including their usage in government aid programs.

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