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The Central Bank of Nigeria (CBN) is partnering with Bitt to roll out its eNaira central bank digital currency (CBDC) later this year. Project Giant, as the Nigerian CBDC pilot is known, has been a long and thorough process for the CBN, that started with the Bank's decision to digitize the Naira in 2017. Bitt was previously key to the development and launch of the CBDC pilot of the Eastern Caribbean Central Bank (ECCB) in April 2021. https://www.cbn.gov.ng/Out/2021/CCD/CBN%20Press%20Release%20(CBDC)%2030082021.pdf

The Central Bank of Nigeria (CBN) reportedly has sent a presentation to Nigerian banks about the e-Naira central bank digital currency (CBDC) project. The CBDC, which will not be renumerated, will run on a Hyperledger Fabric DLT platform, and users will access it with the CBN's three-tier Speed Wallet. The first tier, which does not require users to have a bank account, will require users to register their phone number validated as a National Identity Number (NIN) and has a daily send/receive limit of N50,000 (about $120) and a maximum balance of N300,000 ($730). Tier Two wallet users, who must have a bank account and Bank Verification Number (BVN), will be able to send and receive N200,000 ($485) and hold up to N500,000 ($1,200). The third Tier allows daily transactions up to N1,000,000 ($2,430) with holdings limited to N5,000,000 ($12,150).

G+D and the Official Monetary Financial Institutions Forum (OMFIF) surveyed consumers' attitudes towards central bank digital currency (CBDC) in Germany, Indonesia, Nigeria, and the United States. The survey revealed sharp differences between consumers in developed countries, where consumers already have many established digital payment options, and developing countries, where there are fewer such options. In Nigeria, 91% of respondents say they are likely to use CBDC, with 60% of consumers saying so in Indonesia. However, these figures fall to just 24% in the United States and 14% in Germany. CBDC awareness is also much higher in emerging markets.

The Central Bank of Nigeria will reportedly be piloting the use of near field communication (NFC) stickers that bring enhanced functionality to eNaira featurephone apps. Users will be able to stick them to any phone so they can conveniently make payments to merchants.

Nigerian lenders are reportedly impeding the use of the nation's central bank digital currency (CBDC) because they are concerned about losing revenue from traditional banking services, according to central bank Governor Godwin Emefiele. Only about 700,000 customers have created an e-naira wallets since its introduction in October last year. E-naira-based transactions have also failed to pick up. Currently, the e-naira wallet is available to only bank customers, but the central bank is close to concluding tests with MTN Group's Nigeria unit to provide a channel to enable Nigerians without bank accounts to open e-naira wallets.

A survey conducted by Ipsos MORI on behalf of OMFIF and G+D which provides insights into consumers' attitudes towards new digital forms of payments, including CBDC, in four countries: Germany, Indonesia, Nigeria and the US. The survey findings reveal a sharp difference in attitudes towards CBDCs between consumers in developed and developing countries. In Nigeria - where a pilot CBDC project was launched in October - 91% of respondents say they are likely to use CBDCs, with 60% of consumers saying so in Indonesia. However, these figures fall to just 24% in the US and 14% in Germany. This suggests CBDCs could offer a 'leapfrog' moment in payments in emerging markets, where systems are less developed, compared to countries such as the US and Germany, where consumers have many established payment options already.

The Nigerian Central Bank (CBN) has declared the eNaira to be completely implemented into the Nigeria Inter-Bank Settlement System (NIBSS) Customers can now transfer money from their eNaira wallet to any Nigerian bank account of their choice thanks to the integration with NIBBS Instant Payments (NIP), the country's main payment system. NIP is a virtual real-time Inter-Bank payment method based on account numbers.

The Central Bank of Nigeria (CBN) has reportedly partnered with Nigerian-based blockchain development firm Convexity to speed up the adoption of eNaira. Barbados-based Bitt is the CBN's current eNaira platform provider, although rumors were flying in February 2023 that the CBN was looking for a new platform provider. From the headlines, one might suppose that Convexity's role here is to replace Bitt's, but a Techpoint article makes it seem like Convexity's role is focused mainly on building use cases for the eNaira. https://techpoint.africa/2023/03/01/even-with-zero-charges-and-speedy-transfers-nigerians-are-not-using-the-enaira-and-heres-why/

"Nigeria's digital currency, eNaira outstandings have reportedly reached N10.26 billion as of September 30th, 2023. This 302% growth in just nine months indicates a rising acceptance of Africa's first Central Bank Digital Currency (CBDC), launched by the Central Bank of Nigeria (CBN) in October 2021."

Central Bank of Nigeria (CBN) Deputy Governor Adamu Lamtek reportedly said that the central bank had not banned Nigerian residents from buying, trading, or selling crypto-assets, but was trying to protect the banking sector from crypto-asset activities. The statement follows the CBN announcing last month that it had placed a ban on all regulated financial institutions from providing services to crypto exchanges in the country.

The Central Bank of Nigeria (CBN) released new guidelines for quick response code (QR) payments and a regulatory sandbox. The sandbox will provide firms with a central bank-supervised environment to test new financial products and services. The new QR code framework will promote the use of electronic payments. https://www.cbn.gov.ng/Out/2021/CCD/FRAMEWORK%20FOR%20QUICK%20RESPONSE%20(QR)%20CODE%20PAYMENTS%20IN%20NIGERIA.pdf https://www.cbn.gov.ng/Out/2021/CCD/FRAMEWORK%20FOR%20REGULATORY%20SANDBOX%20OPERATIONS.pdf

Last month, the Nigerian monetary authorities announced that they will be rolling out a national tax on cash. When Nigerian individuals or businesses deposit large amounts of cash at a bank, they will have to pay up to 3% in fees. And when they withdraw cash they will have to pay as much as 5% in fees. Nigeria joins a number of other emerging nations that have adopted policies that try to restrict domestic cash usage.

The Central Bank of Nigeria updated its guidelines on operations of electronic payment channels.

"After four years of development, the Central Bank of Nigeria (CBN) is set to roll out its digital currency project. The launch will reportedly happen on the occasion of the country's 61st Independence Day celebration on Oct. 1."

The Central Bank of Nigeria (CBN) launched its eNaira central bank digital currency (CBDC) on Monday, October 24. https://www.youtube.com/watch?v=Q4IJWfQIXYw

The Central Bank of Nigeria (CBN) will launch its eNaira central bank digital currency (CBDC) on Monday, October 24. The launch had been originally scheduled for October 1, but it was delayed in deference to other key activities lined up to commemorate the country's 61st Independence Anniversary. However, Nigerians have been able to download the eNaira app from either the Google Play or Apple App stores since lte September. The CBN also published a white paper that provides detail on the eNaira's critical dimensions.

Nigeria's CBDC experience shows that the widespread adoption of digital currencies and the transition to 100% cashless economies, will be difficult. The benefits of adopting CBDC may be outweighed by negative aspects, especially the lack of trust and acceptance by citizens. Politicians focus on highlighting the advantages of digital currencies. However, the example of Nigeria proves that people are well aware of the dangers of depriving them of cash, and thus freedom and privacy. An attempt to impose top-down control over the monetary sphere could trigger unrest and violent social protests with political and economic, and even systemic, consequences that are difficult to predict.

The Central Bank of Nigeria (CBN) has imposed limits on cash withdrawals to push consumers towards alternatives, including its own eNaira central bank digital currency (CBDC). Over-the-counter cash withdrawals by individuals and corporate entities are not to exceed N100,000 and N500,000, respectively, per week. All cash withdrawals above the the limits will attract processing fees of 5% and 10%, respectively. Withdrawals from automatic teller machines and point-of-sale terminals will also be subject to a N20,000 daily withdrawal limit.

CBN marks 1st anniversary of eNaira The Central Bank of Nigeria (CBN), has unveiled activities to mark the first anniversary of its digital currency, the eNaira.

The Central Bank of Nigeria eNaira CBDC pilot platform went down for a few hours for "maintenance" on September 15, 2022.