Soon Nigeria will allow CBDC use in payment proposes: Report

Soon Nigeria will allow CBDC use in payment proposes: Report 2

Nigeria is moving toward the rollout of the CBDC use case in real life among retail users. 

Nigeria is a technology adaptive region in this world. In the past, Nigeria showed huge negative responses against cryptocurrencies. Even the majority of the leading government agencies of Nigeria banned crypto assets-related activities but in reality, they didn’t introduce any framework or law to keep citizens away from crypto trading. The majority of the crypto lovers in Nigeria are dependent on P2P crypto trading platforms. Despite huge negativity against crypto, Nigeria is leading among the Central Banks in terms of CBDC development works.

Nigeria officially launched its Nigerian CBDC, or e-naira, on 25 October 2021. In the very starting phase of the rollout of testing and other trials, e-Naira faced huge criticism from the leading Fintech companies. But finally, the e-Naira is now in that near phase where we can consider that Nigeria officially introduced blockchain-based sovereign fiat currency for the citizens to use for daily life needs. 

According to local news media reports, the Central Bank of Nigeria announced that it will allow citizens to use e-Nair to pay for their bills, TV subscriptions, and flight tickets with Nigeria CBDC, from next week.

For the same, the Central Bank established a partnership with the mobile banking firm Bizi Mobile. 

Providing more details was Bariboloka Koyor, Branch Controller at the CBN, also shared some important details on such steps with CBDC.

The branch controller said: 

“Starting from next week, there is going to be an upgrade on the eNaira speed wallet app that will allow you to do transactions such as paying for DSTV or electric bills or even paying for flight tickets.“

Central Banks’ inclination on CBDCs

According to the latest report survey, around 90% of Central banks are actively doing work related to the Central Bank Digital Currency (CBDCs). 

The majority of the banks stated that they are working on the device and adoption of CBDC because they want to bring better security to the payment systems for the citizens.

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