The Central Bank of Nigeria ,CBN, is renewing its push to make the eNaira more widely accepted, aiming to promote financial inclusion and expand access to digital payments across the country.
The eNaira, launched in October 2021 as Nigeria’s Central Bank Digital Currency ,CBDC, was designed to provide a secure, low-cost digital payment option and reach underserved communities. However, adoption has been slow due to low awareness, limited acceptance, and many inactive wallets.
Speaking at the recent CBN Fair in Lagos, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, the CBN’s Lagos Branch Controller, Sunday Daibo, stressed the importance of technology-driven financial services. He noted that alternative payment channels are now essential for bringing more Nigerians into the formal financial system.
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“In today’s world, where technology reshapes economies, alternative financial services enable everyone, irrespective of their location or status, to participate in Nigeria’s economic progress,” Daibo said.
The CBN is working to expand the eNaira ecosystem by partnering with more telecommunications companies. Currently, eNaira transactions are available only on MTN and 9mobile networks, but talks are ongoing with Airtel and Glo to increase coverage. The bank is also encouraging businesses and government agencies to adopt eNaira payments, with plans for Ministries, Departments, and Agencies (MDAs) to pay vendors and receive funds through eNaira wallets.
A version 2.0 of the eNaira is in development, featuring offline capabilities, programmable money, and stronger integration with government and commercial activities. The upgrade will also involve more participation from deposit money banks to drive adoption and enable cross-border transactions, creating opportunities for trade and investment.
CBN data shows that the value of eNaira in circulation rose from ₦0.94 billion in December 2021 to over ₦13 billion by the end of 2023. While this reflects steady growth, the International Monetary Fund ,IMF, has pointed out that many eNaira wallets remain inactive, urging increased awareness and ecosystem expansion.
The CBN plans to work closely with federal and state governments, run targeted campaigns for youth and merchants, and position the eNaira as a key part of Nigeria’s cashless economy. At its launch, former President Muhammadu Buhari predicted the eNaira could boost Nigeria’s GDP by $29 billion over ten years, improve monetary policy, widen the tax base, and facilitate direct payments to citizens.
With renewed focus and strategic partnerships, the CBN aims to turn the eNaira into a trusted digital payment tool, ensuring the benefits of innovation reach every Nigerian. This effort strengthens Nigeria’s position as a leader in Africa’s digital currency drive and highlights the CBN’s commitment to using technology for economic growth and inclusion.
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