eNaira Poses no Threat to Financial Stability – CBN
The Central Bank of Nigeria (CBN) had publicly asserted that the eNaira, central bank digital currencies (CBDC) initiative, does not threaten the nation’s financial stability. The CBN issued a press release on October 9 in response to “news articles on some media platforms” suggesting the eNaira threatens Nigeria’s financial stability. Some news articles, such as […]
CBN Revamps eNaira Model, Raises Interest Rate
To increase eNaira adoption, the Central Bank of Nigeria (CBN) is redesigning it and has raised the interest rate from 18.5% to 18.75% to fight the growing inflation. The eNaira, Nigeria’s CBDC, was launched in October 2022 as a digital version of The Naira, Nigeria’s national currency. The digital currency is meant to facilitate faster, cheaper, and more […]
Nigeria Embraces Blockchain, Trains 32,000 Citizens
The Nigerian government has approved a comprehensive framework for integrating blockchain technology into various economic sectors. What the Policy Aims to Accomplish The National Blockchain Policy is a roadmap for Nigeria’s adoption and utilization of blockchain and other emerging technologies. It was approved by President Muhammadu Buhari on May 3, 2023, after consultations with 56 […]
Nigeria bans ATM cash withdrawals over $225 (₦100,000) weekly
The Central Bank of Nigeria has limited the amount of cash that people and companies may withdraw in order to boost the usage of the eNaira, Nigeria’s Central Bank Digital Currency (CBDC). In a circular sent to financial institutions on December 6, the Central Bank of Nigeria said that individuals and companies would henceforth be […]
Nigeria’s eNaira Nears $10M Worth of Transactions
There are 270,000 active wallets and 840,000 downloads of the eNaira app. Since it was introduced last October, the eNaira, which is Nigeria’s central bank digital currency (CBDC), has been used to make transactions worth $9.3 million, according to the country’s central bank governor.In a speech on Thursday, Godwin Emefiele, governor of the Central Bank […]