The Central Bank of Nigeria (CBN) plans to expand the use of its digital currency, eNaira, to facilitate payments into government accounts and allow Ministries, Departments, and Agencies (MDAs) to initiate vendor and beneficiary payments.
This is according to the CBN’s newly released Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 document.
According to the document, “the CBN shall continue to work towards enabling the use of eNaira Wallet/Channels by payers to pay into government accounts at the CBN, and, allow Ministries, Departments and Agencies (MDAs) to initiate vendor/beneficiary payments from their respective eNaira Wallets.”
This development is part of the CBN’s continued efforts to enhance the adoption of the eNaira in both public and private sectors.
(Nairametrics)
