• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
CBDC
Nexo

Nigeria To Upgrade CBDC For Wider Use As Crypto Restrictions Cripple Fintech Sector

Naveed Iqbal by Naveed Iqbal
2 months ago
in CBDC
0

Africa’s largest economy and most populous country “Nigeria,” launched the continent’s first digital currency, the e-Naira, back in October 2021.

The Central Bank of Nigeria (CBN) carries over plans to upgrade the country’s central bank digital currency (CBDC) to use in a broader range of goods and services. However, it also maintains strict crypto restrictions that cripple the country’s financial technology sector.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Related Reading | U.S. Recession Fears Cause Crypto Mining Stocks To Suffer

Upgrade Of The CBDC

The Central Bank of Nigeria (CBN) upgraded its eNaira app based on blockchain technology to keep Nigerians away from cryptocurrency.

In an announcement, the CBN said it would include bill payments in an upgraded version of the eNaira App.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The CBN also stated: 

This is part of measures to increase the use of digital currency, including sensitization campaigns in major markets across the country.

On Monday, the CBN branch controller Bariboloka Koyor spoke at a campaign in Lagos, the most populous city in the country, to get businesses to start using the eNaira.

Bariboloka Koyor 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. 

According to Koyor, the eNiara speed wallet is faster and more convenient than internet banking, and there are no charges.

Bitcoin Price Chart
Bitcoin on rising after yesterday’s market crash | BTC/USD price chart from Tradingview.com

Koyor said the upgrade was launched to make it easier for people to start using the product. He touted its wallet with no charges and was faster than internet banking. The eNaira will be the only way to receive financial assistance from the government in the future.

He stressed the advantages of early adoption:

This is a project that the CBN has rolled out to reach every Nigerian in terms of financial inclusion and in terms of efficiency, reliability, and safety of banking transactions so that we can do banking transactions very easily and safely and the people in Nigeria can enjoy the benefit of the eNaira.

Restrictions On Crypto Stifling Nigeria’s Fintech Sector

The value of the naira has fallen a lot in the past six years. This has made a lot of Nigerians use crypto. A report from KuCoin said that 33.4 million Nigerians own or trade cryptocurrencies in the last six months.

Cryptocurrency has become a big deal in Nigeria’s financial sector because young people have been accepting it more and more. Cryptocurrency is seen as a way to invest money, and young people in Nigeria are looking toward digital currencies. As a result, bitcoin adoption in Nigeria has increased.

The Nigerian government is concerned that cryptocurrency adoption will hurt its financial sector, so it banned trading cryptocurrency in February 2021. It then launched its own CBDC, the eNaira, in October.

     Related Reading | Metaverse Land Value Is Dropping – Should You Buy Now?

The CBN released a statement to stop facilitating cryptocurrency-based transactions and ordered to close all accounts engaged with this type of transaction, on 5 February.

 

                  Featured image from Pixabay, chart from Tradingview.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Naveed Iqbal

Naveed Iqbal

Naveed is a graduate in BA and has been following the crypto world since 2017. Having a passion and keen eye for detail, Naveed enjoys finding breaking stories via official press releases, Twitter, and blog posts. Outside of cryptoverse, Naveed enjoys cricket, rock climbing, and spending quality time with his siblings.

Related Posts

CBDC

CBDC Cybersecurity To Be Tested By Hong Kong, Bank Of Israel And Bank For Int’l Settlements

1 week ago
IMF Suggests CBDCs To Include Compliance And User-Friendly Payment Features

IMF Suggests CBDCs To Include Compliance And User-Friendly Payment Features

2 weeks ago
CBDCs

CBDCs Will ‘Kill’ Crypto, Reserve Bank of India Governor Says

3 weeks ago
Digital Currencies

Digital Currencies Get Support From Nigerian Presidential Hopeful

4 weeks ago
digital yuan

Digital Yuan Ban: Senators Seek To Ban China’s E-CNY From US App Stores

4 weeks ago
SWIFT

SWIFT Tests CBDC Interoperability To Enable Cross-border Payments

1 month ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.