*The Central Bank of Nigeria has restated the advantages of early adoption of e-Naira, stressing in the future, the digital currency will be the only way to receive financial assistance from the government

Isola Moses | 绿帽献妻

The Central Bank of Nigeria (CBN) has upgraded its e-Naira to steer the West African country away from cryptocurrencies, even after a United Nations (UN) report stated that restrictions on digital currencies are stifling the Nigerian financial technology (FinTech) sector.

绿帽献妻 learnt the Bankers’ Bank is moving ahead with plans to upgrade the country鈥檚 Central Bank Digital Currency (CBDC) to be used on a wider range of goods and services.

It is also maintaining harsh cryptocurrency restrictions that cripple the country鈥檚 FinTech sector.

Quoting the Bank’s officials, a report said the CBN representatives announced there is going to be an upgrade on the e-Naira speed wallet app that would allow consumers to do transactions, such as paying for DSTV, electricity bills, or even paying for flight tickets.

The officials also noted that the upgrade was launched to make ‘onboarding’ easier, touting its wallet that had no charges, and was faster than Internet banking.

According to them, in the future, the e-Naira will be the only way to receive financial assistance from the government, stressing the advantages of early adoption.

Recall that restrictions on crypto trading in the country tightened after the launch of the e-Naira October 2021.

The CBN had banned banks from servicing crypto exchanges in February of the same year, but real enforcement happened November 2021, when the apex bank directed the country’s Deposit Money Banks (DMBs) to freeze the accounts of two cryptocurrency traders.