The Central Bank of Nigeria (CBN) has announced that the eNaira will now be accepted as a form of payment for goods and services in government accounts. This initiative will also allow Ministries, Departments, and Agencies (MDAs) to begin paying vendors and beneficiaries using the eNaira wallet. The move aligns with the CBN’s broader goal to expand the use of the eNaira across both public and private sectors.
In a recent press release titled Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024–2025, the CBN reaffirmed its commitment to facilitating the use of eNaira for payments into government accounts, either through eNaira wallets or other channels. The press statement, as reported by Daily Trust, also outlined the CBN’s efforts to enable payers to deposit funds into government accounts via their eNaira wallets.
As part of its initiative to boost eNaira adoption, the CBN is launching eNaira version 2.0, which includes improvements aimed at making payments more efficient. The CBN plans to work closely with federal and state governments to promote the use of the eNaira while increasing the involvement of deposit money banks to drive its widespread acceptance. Key features of version 2.0 include the integration of wholesale Central Bank Digital Currency (CBDC), offline functionality, programmable money, and enhanced collaboration with the government to expand its use.
Additionally, the CBN has partnered with blockchain company Gluwa to accelerate the adoption of the eNaira. This partnership follows calls from stakeholders for the CBN to collaborate with financial technology firms to further promote Nigeria’s digital currency. The collaboration was announced shortly after Binance, the world’s largest cryptocurrency exchange, ceased operations in Nigeria due to regulatory crackdowns.
