Nigerian Central Bank insists CBDC use amid Bitcoin bull
As Bitcoin surges have become a routine in the bull season, Nigeria has also become more alert of its CBDC promotions or lack of it. Given the Central Bank of Nigeria’s continued stance on its Bitcoin ban, the country is forced to remain barren to the Bitcoin bull profits. Central Bank’s Director of Corporate Communications Department, Osita Nwanisobi, recently spoke at the Lagos International Trade Fair and appealed to Nigerian citizens to embrace the eNaira, Africa’s first Central Bank Digital Currency (CBDC). The Director emphasized Nigerian CBDC’s qualities, noting that it will enable financial diversity by facilitating an innovative yet regulated and secure financial ecosystem, so people from all walks of life will get an opportunity to hop on to the digital currency wagon and enter Web3.
“The e-Naira is expected to deepen financial inclusion by bringing more people into the financial space, support a resilient payment ecosystem, reduce the cost of processing cash, enable direct and transparent welfare intervention to citizens, increase transparency in revenue and tax collections, facilitate diaspora remittances, reduce the cost of financial transactions and improve the efficiency of payments…Today, customers who download the eNaira Speed Wallet App will be able to onboard and create their wallet; fund their eNaira wallet from their bank account; transfer eNaira from their wallet to another wallet, and make payment for purchases at registered merchant locations.”
Nigerian CBDC, Boon, or Bane?
Last month, Nigeria became the first nation in Africa to launch its CBDC, named eNaira, leaving authoritarian China behind. Despite the former postponement in the launch date, the Nigerian Central Bank noted that their aim was to launch a complete product rather than fulfilling the deadlines. With the eNaira launch, the Nigerian government expected that it would lead the path towards the “evolution of money” regardless of the country’s history of financial inequality and lack of banking facilities for the masses. The Central Bank of Nigeria even banned Bitcoin, hoping to boost its CBDC even further. However, looking at the ongoing bull run, a Bitcoin ban might have been a mistake given the financial polarisation in the nation.
- Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple
- How the Crypto Market Could React to the Next Fed Meeting on October 29?
- $1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
