Central Bank of Nigeria to Upgrade eNaira for More Uses, Including Bill Payments

The Central Bank of Nigeria will launch an upgrade for its eNaira next week. The upgrade will allow the digital currency to be used on a wider range of goods and services, including bill payments.

Nigeria’s central bank has said that an upcoming upgrade to its central bank digital currency (CBDC) will allow it to be used on more goods and services. The upgraded version allows bills to be paid with the eNaira, which is a big step forward in terms of utility. The news was first reported by local media outlets.

eNaira bolstered for payments

The upgrade is part of a larger effort to make the Nigerian CBDC more viable in the country, and this includes “sensitization campaigns in major markets across the country.” Officials from the Central Bank of Nigeria said,

“Starting from next week, there is going to be an upgrade on the eNaira speed wallet app that will allow you to do transactions such as paying for DSTV or electric bills or even paying for flight tickets. Also the USSD code *997# is out and it is just for more people to be aware of it and begin to use it.”

Officials hope that merchants and others will take to the eNaira following the upgrade. Eventually, the central bank wants to reach every household in the country.

Nigeria’s CBDC made its first appearance late last year. The country is one of the most forward-thinking in the African continent, and its tech-savvy citizens are quite enthusiastic about cryptocurrencies. Inflation, like is the case in so many countries, has been one reason why citizens have adopted crypto.

CBDCs a growing priority for central banks

The eNaira is one of the earliest releases of a CBDC by a central bank, but it may not be long before a host of others soon join it. CBDCs have become a high priority for central banks. This year alone, the number of central banks that have announced CBDC initiatives has doubled.

That figure came from a survey conducted by the Bank for International Settlements (BIS), which also noted that over 90% of banks are looking into CBDCs. It’s clear that central banks see potential in CBDCs, and certainly don’t want stablecoins to gain any more ground.

While no major economy has fully released a stablecoin yet, it may not be long before that happens. China has been increasing the scope of its digital yuan, while India is set to launch trials by the end of the year.