FG considers eNaira for payment of salaries and benefits
The Central Bank of Nigeria has proposed expanding the use of the eNaira for government payments, including salaries, pensions, and social welfare. The plan is part of a broader roadmap to modernise Nigeria’s digital payment ecosystem and increase adoption of the eNaira. Despite millions of wallet registrations and transactions, adoption of the digital currency has remained low. Olayemi Cardoso and Dr Muhammad Abdullahi highlighted the need to strengthen infrastructure and regulatory frameworks to support these initiatives.
TLDR
- The Central Bank of Nigeria’s new roadmap suggests paying government salaries and benefits through the eNaira.
- The eNaira was launched as Africa’s first central bank digital currency to promote financial inclusion and a cashless economy.
- The CBN aims to move the eNaira from a pilot project to a core payment rail for both government and private-sector transactions.
- The proposal includes features like programmable money, payment splitting, and sub-wallet creation to enhance functionality.
- The CBN acknowledges low adoption and plans to improve integration with fintechs and pursue cross-border payment pilots.
