Nigeria’s central bank has upgraded its eNaira to steer the country away from crypto even after a UN report stated that restrictions on digital currencies are stifling the nation’s fintech sector.
The Central Bank of Nigeria (CBN) is moving ahead with plans to upgrade the country’s central bank digital currency (CBDC) to be used on a wider range of goods and services. It is also maintaining harsh crypto restrictions that cripple the country’s fintech sector.
As representatives announced, there is going to be an upgrade on the eNaira speed wallet app that will allow people to do transactions such as paying for DSTV, electric bills, or even paying for flight tickets.
The same representatives said the upgrade was launched to make onboarding easier, touting its wallet that had no charges and was faster than internet banking. They added that in the future, the eNaira will be the only way to receive financial assistance from the government, stressing the advantages of early adoption.
Restrictions on crypto trading in the country tightened after the launch of the eNaira in October 2021.
The CBN banned banks from servicing crypto exchanges in February of the same year, but real enforcement happened in November 2021, when the CBN ordered the accounts of two crypto traders to be frozen.