Joseph Angaye, Deputy Director, Risk Management Division of the Central Bank of Nigeria (CBN), said the introduction of NFC technology in the eNaira app will improve payments in the state-owned cryptocurrency. Previously, special QR codes were used for this purpose, but with the addition of the new feature, it will be even more convenient for users to pay with the digital Nigerian naira.
As Angaye noted, the CBN’s digital currency is programmed to be used exclusively for certain government programs. For example, CBDC can be distributed to farmers, allowing them to purchase the tools they need and solve farming-related problems faster;
Thanks to eNaira’s programmability, funds will be spent strictly on the right goods or services, reducing fraud risks. The top CBN executive emphasized that the retail digital naira would reduce counterparty risks in settlements, increase the speed of transactions and address the problem of access to banking in the local community.
Angaye is confident that Nigeria’s experience in introducing a state-owned cryptocurrency can be valuable to other central banks and global organizations. Central Bank of Nigeria to launch eNaira in 2021. In March, the central bank said digital naira transactions rose 63% to $47.7 million after its launch.
Recently, Chinese commercial bank Bank of China also launched offline payments in digital yuan linked to users’ SIM cards. The Bank of Russia also plans to test NFC payments with the digital ruble in 2025.