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Saturday, May 21, 2022

Nigeria Set To Boost CBDC Even With Cryptocurrency Restrictions

The Nigerian central bank has enhanced its eNaira to guide the country away from cryptos. This report comes on the heels of a report by the UN stating that the imposition of restrictions over digital currencies was stifling the fintech sector of Nigeria.

The adoption of cryptocurrency in the country has exceeded all expectations along with the digital currency based on CBDC, eNaira.

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The Nigerian central bank (CBN) is working on upgrading the digital currency (CBDC) to allow it to be utilized on a wide range of services and items. Additionally, it has continued to place stifling cryptocurrency regulations that could stifle the financial technology segment of the country.

Stance Of Nigerian Central Bank On Cryptocurrencies

A UN body (UNCTAD) revealed in a study that the fintech sector in Nigeria is facing stifling restrictions due to the cryptocurrency policies of the country. The report by the trade and development body of the apex international body has recommended that Nigeria’s central bank should take a fresh look at its current position when it comes to digital currency and allow the financial sector to prosper.

The central bank has vociferously opposed cryptocurrencies in all forms in the country and has even banned their use recently in Nigeria. The report by the UN watchdog is sure to add more pressure on the central bank to reassess its position.

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The entire project initiated by the central bank has run into various problems from the start and is nowhere near its stated objective. The bank has not given a definite operational date yet.

The bank has assured that it would incorporate its bill payments into an upgraded form of eNaira, the digital currency issued by Nigeria’s central bank.

The central bank has been setting up camps intended to inform people about the eNaira in Lagos, its largest city. And from next week, the speed wallet, eNaira app will allow customers to pay for utilities and DSTV, a sub-Saharan direct broadcast satellite service.

eNaira may soon be the only option to access future government services. The central bank controller has said that it will be efficient, safe, and reliable.

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