Nigeria Upgrades e-Naira CBDC, Bid to Abolish Crypto

Nigeria Upgrades e-Naira CBDC, Bid to Abolish Crypto
  • CBN upgrades its CBDC, e-Naira. 
  • Urges the usage of e-Naira over fiat currency.
  • All financial assistance from the Nigerian government to be in e-Naira.

The play of Central Bank Digital Currency (CBDC) has indeed become extremely vital for a nation to keep up its banking sector and financial economy.

 Ever since the crypto and the Bitcoin (BTC) came into play, their growth became the major fear for all central banks around the world, which ought to directly impact the financial economy of the nation. 

The best solution, defense and attack the central banks could come up against the cryptos is the CBDC. Accordingly, Nigeria, one of the most prominent nations of Africa launched its CBDC, the e-Naira back in October, 2021. 

Since then, the government and the Central Bank of Nigeria (CBN) have been promoting the usage of e-Naira as much as possible among the Nigerians. The major goal for CBN is to completely abolish the usage of crypto among the Nigerians with their CBDC, the e-Naira.

CBN Views and Future Plans for e-Naira

Accordingly, the CBN controller, Bariboloka Koyor put forth many revelations and future plans using the e-Naira in a recent interview. 

The CBN controller states that, currently they are taking up plans to upgrade the e-Naira such that they could be used for all sorts of cross-border transactions for goods and  services. In addition, Bariboloka Koyor revealed that within a few days the entire e-Niara application and wallet will be upgraded. 

The new features upon the application will include faster transaction speeds exceeding that of normal online banking. Besides, all sorts of government tax payments, electricity bills, and even flight tickets could be now paid through the wallet application. 

Furthermore, there won’t be any sorts of charges for the transactions made through the e-Naira wallet too. Moreover, Bariboloka Koyor views that the ultimate usage of e-Naira to the maximum extent alone will enhance the financial economy of the nation. 

Also, he hopes for the best from the people of Nigeria, such that they themselves could reap as many benefits as possible.

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.