The Central Bank of Nigeria (CBN) has said that Nigeria is still 60 years behind in terms of technology. It also said that the country is left behind in the issue of currency management, saying cash is no longer in vogue. During an e-Naira sensitisation exercise for the management, staff and students of Kaduna Polytechnic, CBN’s state Branch Controller, Muhammad …

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva has cautioned about the unforeseeable “consequences” that could be brought about by the Central Bank Digital Retail Currencies (CBDC). In a 1st May interview at the Milken Institute’s 2023 Global Conference last Monday, Georgieva considers retail CBDCs to have far more room for error than wholesale CBDCs. She said: …

The Central Bank of Nigeria (CBN) has announced the development of new and enhanced features for the eNaira to address challenges faced by unbanked Nigerians. The initiative allows customers to utilise the Unstructured Supplementary Service Data (USSD) code *997*50# to perform all banking transactions. Additionally, customers can fund their eNaira wallets with vouchers purchased with cash, like recharge cards or …

The Central Bank of Nigeria (CBN) is reportedly in talks with a New York-based tech company, R3 to rebuild its digital currency platform after suffering sluggish adoption by Nigerians. Another financial software firm, Bitt has been working on the Central Bank Digital Currency (CBDC), the eNaira since 2021. With R3, the CBN seeks to revamp and drive the mass adoption …

The Central Bank of Nigeria (CBN) has announced a calendar of events to reflect on and mark the first anniversary of the introduction of the eNaira, the first digital currency by any Central Bank in Africa. The digital currency, eNaira was unveiled by President Muhammadu Buhari on Monday, 25 October 2021. according to a statement by CBN’s Director of Corporate …