The Central Bank of Nigeria (CBN) has announced fresh plans to revive its Central Bank Digital Currency (CBDC), the eNaira, as part of efforts to strengthen public trust and expand access to digital financial services.
Launched in October 2021 to promote financial inclusion, the eNaira has struggled to gain traction, with the apex bank attributing its low adoption to poor public awareness. The CBN says it is now implementing measures to improve understanding and usage of the platform.
Speaking at the CBN Fair in Lagos on Monday, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, CBN Lagos Branch Controller, Sunday Daibo, stressed the importance of alternative financial services in connecting underserved communities to the formal economy.
“In a world where technology is reshaping economies, alternate financial services have become a necessity. They are bridges connecting underserved populations to the formal financial system,” Daibo said, noting the role of mobile money platforms, agency banking, USSD services, internet banking, contactless payments, open banking, and the eNaira in breaking barriers of distance, cost, and complexity.
CBN Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, reaffirmed the bank’s commitment under Governor Olayemi Cardoso to driving productivity, deepening financial inclusion, and ensuring monetary and price stability. She highlighted recent achievements, including increased foreign investment inflows, positive trade balances, and improved financial inclusion rates.
Ali noted key reforms in the last 22 months, such as the exchange rate unification policy, clearance of over $7 billion in verified FX backlog, and the launch of the Nigeria FX Code to improve governance in forex market operations. She also mentioned the ongoing recapitalisation of banks to boost sector resilience and competitiveness in pursuit of a $1 trillion economy.
To protect consumers, the CBN has introduced the Unified Complaints Tracking System (UCTS) and a USSD code (*959#) for verifying licensed financial institutions. Ali also urged Nigerians to respect the naira as a symbol of national identity by keeping it clean and avoiding spraying, mutilation, or counterfeiting.
Other stakeholders at the event stressed the bank’s focus on economic stability through inflation targeting, monetary policy adjustments, and upgrades to digital platforms, including enhanced cybersecurity measures.
The fair also featured interactive sessions where participants raised concerns about banking system stability, customer service, and complaint resolution — addressed by CBN representatives from various departments, including Financial Inclusion, Consumer Protection, Payments Policy, Currency Operations, and Financial Markets.
