eNaira Archives

Nigeria ends 3-year ban on naira payments for remittances

Business

Steve Kaaru

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20 July, 2023

Nigeria ends 3-year ban on naira payments for remittances

Nigeria has now lifted a ban that it placed in 2020 allowing remittance payments only in the USD—experts say the...

Central Bank of Nigeria greenlights use of CBDC for international remittances

Business

Wahid Pessarlay

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27 June, 2023

Central Bank of Nigeria greenlights use of CBDC for international remittances

International money transfer operators are expected to apply for a one-time license to pay out funds in the eNaira, with...

eNaira faces uncertain future after ousting of Nigeria’s central bank governor

Business

Steve Kaaru

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21 June, 2023

eNaira faces uncertain future after ousting of Nigeria’s central bank governor

Godwin Emefiele was dismissed by the new president 10 days after his administration took over and has been held by...

IMF lauds eNaira in its 1-year assessment but cautions against intermediation

Business

Steve Kaaru

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25 May, 2023

IMF lauds eNaira in its 1-year assessment but cautions against intermediation

The International Monetary Fund says the eNaira has proven that a CBDC can work, but it says Nigeria has room...

Cash shortage sparks 63% spike in eNaira transactions

Business

Steve Kaaru

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26 March, 2023

Cash shortage sparks 63% spike in eNaira transactions

Nigeria’s cash shortage amid the botched note replacement program has been a big win for eNaira, with e-wallets now at...

Nigeria’s president-elect pledges to champion blockchain in revenue collection, banking

Business

Steve Kaaru

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15 March, 2023

Nigeria’s president-elect pledges to champion blockchain in revenue collection, banking

Bola Tinubu takes over from Muhammad Buhari who banned banks from servicing VASPs, and says he’ll do better and push...

Nigeria’s central bank on hunt for new tech partners in bid to fix ‘broken’ CBDC

Business

Wahid Pessarlay

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24 February, 2023

Nigeria’s central bank on hunt for new tech partners in bid to fix ‘broken’ CBDC

To salvage its ailing central bank digital currency project, the Central Bank of Nigeria seeks new partnerships to help innovate...

Nigeria’s economy grinding to a halt due to cash shortage—is time for Bitcoin?

Business

Steve Kaaru

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8 February, 2023

Nigeria’s economy grinding to a halt due to cash shortage—is time for Bitcoin?

Nigeria is replacing its paper money with redesigned currency notes, and with people queueing for hours just to get $43,...

Nigeria to explore ICOs and stablecoins to broaden payments landscape

Business

Steve Kaaru

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18 January, 2023

Nigeria to explore ICOs and stablecoins to broaden payments landscape

Nigeria published a new policy document, pledging to rethink its ICO stance to attract FDI as well as a blockchain-based...

BIS: African central banks pushing for CBDCs, but their motivation differs from other regions

Business

Steve Kaaru

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30 November, 2022

BIS: African central banks pushing for CBDCs, but their motivation differs from other regions

Bank for International Settlements found that payment system efficiency is the key motivator, but unlike other regions, African central banks...

Nigeria resorts to auto rickshaws to drive eNaira adoption

Business

Wahid Pessarlay

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30 October, 2022

Nigeria resorts to auto rickshaws to drive eNaira adoption

The lack of clarity on CBDCs and virtual currencies among Nigerians led to a slump in eNaira adoption rates, forcing...

Nigeria slashes eNaira’s merchant service charge by 50% to spur adoption

Business

Steve Kaaru

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4 September, 2022

Nigeria slashes eNaira’s merchant service charge by 50% to spur adoption

Since its launch in October 2021, the eNaira has seen lackluster uptake, and the Central Bank of Nigeria is seeking...

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