The Central Bank of Nigeria (CBN) is repositioning the eNaira as a key component of the country’s digital payments infrastructure following years of slow adoption since its launch in 2021. Under its newly unveiled Payments System Vision (PSV) 2028, the apex bank plans to integrate the digital currency more closely with initiatives such as open banking, digital identity, cross border payments and emerging financial technologies.
Originally introduced as Africa’s first central bank digital currency for everyday transactions, the eNaira was expected to promote financial inclusion, lower remittance costs and support a cashless economy. However, adoption remained limited as many consumers continued to rely on bank applications, fintech platforms and mobile money services that offered similar functions with greater convenience.
The CBN acknowledged the challenges facing the project, including limited stakeholder engagement, low integration across the payments ecosystem and barriers to access for many unbanked Nigerians. According to the regulator, the eNaira currently has millions of wallets and has processed about ₦22 billion in transactions, but its contribution to overall digital payment volumes remains relatively small.
Under PSV 2028, the central bank intends to shift focus from the eNaira as a standalone payment product to a broader infrastructure tool supporting interoperability, regional payments and financial innovation. The strategy also emphasises stronger consumer protection, cybersecurity and fraud monitoring measures as part of efforts to build greater trust and encourage wider adoption of digital financial services across Nigeria.