Overview

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This month, the CBN opened eNaira as a payment option for diaspora remittances, which would make it easier for overseas Nigerians to send money home, a CBN introduced eNaira on Octo following ban of cryptocurrency in Nigeria; Three years after, Nigerians are yet to embrace the digital currency; Poor In October 2025, Nigeria became the first African country to roll out a central bank digital currency. In addition to enhancing financial inclusion, the eNaira was touted for its Recently, the CBN has partnered with the African-focused financial technology firm Flutterwave to introduce eNaira as a payment option for merchants and Unlike cryptocurrencies, the eNaira’s value is fixed by the Central Bank of Nigeria (CBN) and is equivalent to the country’s fiat currency. The goal of this move was to Nigeria is struggling with severe cash shortages, with riots erupting across the country just days before a presidential election – but people are still not turning to the Nigeria and its inclination towards crypto isn’t news. The cash shortage issue that the country has been facing Merchants need a payment solution connected to the eNaira and powered by contactless devices that can read the wallet via smartphones, QR codes, or USSD codes.

Nigeria Crypto Payment Firm Shuts Shop: Is eNaira Finally Gaining Traction?

The Nigerian cryptocurrency landscape is undergoing significant shifts. A recent closure of a crypto payment firm has sparked questions: Is the eNaira, Nigeria's Central Bank Digital Currency (CBDC), finally garnering more steam? Nigeria and its inclination towards crypto isn’t news, but the recent event suggests a possible realignment in the payment sector.

eNaira Push Gains Momentum Amidst Challenges

In October 2025, Nigeria became the first African country to roll out a central bank digital currency, the eNaira. The goal of this move was to enhance financial inclusion and streamline transactions. However, three years after its introduction following the ban of cryptocurrency in Nigeria, Nigerians are yet to fully embrace the digital currency. Poor adoption has been a persistent hurdle.

CBN Initiatives to Boost eNaira Usage

The Central Bank of Nigeria (CBN) isn't backing down. This month, the CBN opened eNaira as a payment option for diaspora remittances, which would make it easier for overseas Nigerians to send money home. This initiative aims to increase eNaira adoption by leveraging the significant flow of remittances into the country. Recently, the CBN has partnered with the African-focused financial technology firm Flutterwave to introduce eNaira as a payment option for merchants. This partnership aims to provide a seamless and accessible payment solution for both businesses and consumers.

eNaira vs. Cryptocurrency: Key Differences

Unlike cryptocurrencies, the eNaira’s value is fixed by the Central Bank of Nigeria (CBN) and is equivalent to the country’s fiat currency. This stability is a key differentiator, particularly given the volatility associated with many cryptocurrencies. While the Nigeria is struggling with severe cash shortages, with riots erupting across the country just days before a presidential election – but people are still not turning to the eNaira in significant numbers.

Challenges and the Path Forward

The cash shortage issue that the country has been facing highlights the need for efficient and reliable digital payment solutions. However, wider eNaira adoption hinges on addressing existing challenges. Merchants need a payment solution connected to the eNaira and powered by contactless devices that can read the wallet via smartphones, QR codes, or USSD codes. Overcoming these hurdles is crucial for the eNaira to achieve its intended impact and become a widely accepted form of payment in Nigeria.

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