Nigeria upgrades CBDC as crypto restrictions cripple fintech industry

Nigeria upgrades CBDC as crypto restrictions cripple fintech industry


The Central Bank of Nigeria (CBN) is moving ahead with plans to upgrade the country’s central bank digital currency (CBDC) to be used on a wider range of goods and services. It is also maintaining harsh crypto restrictions that cripple the country’s fintech sector.

The CBN Branch Controller Bariboloka Koyor spoke at a campaign aiming to “sensitize” businesses to the eNaira at a market in the country’s most populous city of Lagos on May 9 according to a report from Vanguard. Koyor stated:

“Starting from next week, there is going to be an upgrade on the eNaira speed wallet app that will allow you to do transactions such as paying for DSTV or electric bills or even paying for flight tickets.”

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Koyor said the upgrade was launched to

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