CBN moves to revive eNaira

The Central Bank of Nigeria (CBN) is taking fresh steps to revitalise its digital currency, the eNaira, as part of wider efforts to build public trust and broaden access to digital financial services.

Introduced in October 2021 to drive financial inclusion, the eNaira has seen low adoption — a situation the CBN blames on limited public awareness. The apex bank says it is now focused on revamping the system and sensitising Nigerians to its benefits.

At the CBN Fair in Lagos, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, Lagos Branch Controller Sunday Daibo said alternative financial services were now essential for connecting underserved communities to the formal financial system.

“In today’s technology-driven economy, tools like mobile money, agency banking, USSD services, internet banking, contactless payments, open banking, and central bank digital currency have broken barriers of distance, cost, and complexity,” Daibo noted.

CBN Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, reaffirmed the bank’s commitment under Governor Olayemi Cardoso to boosting productivity, deepening financial inclusion, and maintaining monetary and price stability.

She cited recent gains, including higher foreign investment inflows, improved trade balances, and significant growth in financial inclusion rates.

Key reforms in the past 22 months include the unification of exchange rates, clearance of over $7 billion in verified foreign exchange backlogs, the launch of the Nigeria FX Code to strengthen forex market governance, and the ongoing recapitalisation of banks to enhance resilience and competitiveness.

To protect consumers, the CBN has rolled out the Unified Complaints Tracking System (UCTS) and a USSD code (*959#) for verifying licensed financial institutions, aimed at improving transparency and dispute resolution.

Ali also urged Nigerians to treat the naira with respect by keeping it clean and avoiding mutilation or counterfeiting.

Stakeholders at the fair highlighted the bank’s inflation-targeting framework, digital platform upgrades, and strengthened cybersecurity as part of its strategy to maintain economic stability.

Participants’ concerns on banking system stability, customer service, and complaints were addressed by CBN officials from key operational departments.