The CBN (Central Bank of Nigeria) is stepping further with its strategy for making advancements into its CBDC (central bank digital currency) to be utilized for a vast series of services and products. It is additionally sustaining its strict crypto limitations due to which the fintech sector of the country is being crippled.
Bariboloka Koyor, the controller of the CBN Branch, voiced while appearing at a movement targeting to spread awareness among the businesses regarding eNaira’s advent into a market within Lagos, the most densely inhabited city across the country, as per a report published in by Vanguard. In the words of Koyor, an upgrade will be incorporated on the speed wallet application of eNaira commencing from the impending week and the consumers will be permitted by that app to perform the transfers taking into account flight tickets, electric or DSTV bills’ payments.
Koyor added that the launch of the upgrade was being carried out to bring convenience in onboarding, which will in turn promote its free-of-cost wallet that was speedier than banking through the internet. According to him, the eNaira will turn into the sole method to obtain financial help from the country’s government in the future. He pointed toward several advantages of the project that has been rolled out on the behalf of the CBN taking into account reliability, efficiency, as well as banking transfers efficiency through offering secure and convenient banking transfers to the Nigerian citizens via eNaira.
A considerable decrease of more than 209% has been witnessed in the naira’s value in the previous 6 years due to which the people of Nigeria have been pushed to embrace crypto. A crypto exchange named KuCoin published a report in April in which it indicated that nearly 33.4M Nigerian residents traded or possessed crypto in the previous six months. Prohibitions on the trading of crypto throughout the country got stringent following the release of the eNaira that was witnessed in October of the last year.
In February of the very year, banks were restricted by the CBN from utilizing the services of crypto exchanges, however more severe implementation occurred in November when accounts in the possession of a couple of crypto traders were ordered by the CBN to be frozen. The respective clampdown compelled commercial banks across Nigeria to track the accounts of their consumers, focusing on the indications of crypto trading due to which fintech businesses-related accounts could be flagged.
