CBN to Launch eNaira Version 2.0 Focusing on Money Deposit Banks

Reasons for the Need to Expand

Launched in 2021, the eNaira, Nigeria’s Central Bank Digital Currency, was brought in to drive financial inclusion and foster the cashless policy of the CBN.

Now being 2024, the CBN is gunning for an expansion of the use of the eNaira to facilitate payments into government accounts and allow Ministries, Departments, and Agencies (MDAs) to initiate vendor and beneficiary payments.

According to the released document, “the CBN shall continue to work towards enabling the use of eNaira Wallet/Channels by payers to pay into government accounts at the CBN, and, allow Ministries, Departments, and Agencies (MDAs) to initiate vendor/beneficiary payments from their respective eNaira Wallets.”

Their intention is mostly targeted towards an adoption of the eNaira in both private and public sectors.

Together with the aim of expediting payments, the CBN also plans enhancements for the eNaira. These enhancements are collaboration with both federal and state governments to drive adoption, as well as the deployment of eNaira version 2.0, which focuses on expanding the role of deposit money banks in its usage.

According to the document, “The CBN issues and regulates the eNaira, a digital form of the fiat currency. The eNaira offers several benefits which include faster and cheaper payments, increased financial inclusion, and reduced fraud, amongst others.

“The CBN shall sustain efforts in enhancing the eNaira and driving its adoption. This includes the deployment of eNaira version 2.0 with focus on wholesale Central Bank Digital Currency (CBDC) to increase the participation of deposit money banks and empower them to drive its adoption; implementation of offline functionality, programmable money; and more collaboration with Federal and State Governments to increase its adoption.