The Central Bank of Nigeria (CBN) is intensifying efforts to revive the eNaira project, reaffirming its commitment to building trust and expanding access to digital financial services across the country.
Launched in October 2021, Nigeria’s Central Bank Digital Currency (CBDC), the eNaira, was introduced as part of the country’s broader initiative to drive financial inclusion. However, adoption levels have remained low, a challenge the apex bank attributes mainly to poor public awareness regarding the currency’s operations. The CBN is now taking concrete steps to revitalize the digital payment infrastructure and encourage wider acceptance.
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Speaking at the CBN Fair held in Lagos under the theme “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” the CBN’s Lagos Branch Controller, Sunday Daibo, emphasized the critical role of alternative financial services in today’s technology-driven economy.
“In a world where technology is reshaping economies and redefining how people interact with financial services, alternative financial services have emerged not as an option, but as a necessity,” Daibo stated. “They are the bridges connecting underserved populations to the formal financial system.”
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He added that the event brought together policymakers, financial institutions, fintech innovators, merchants, and the public, all united in the mission to ensure that every Nigerian—regardless of location or social status—can participate in and benefit from the nation’s economic progress.
Daibo highlighted the success of various digital payment channels, including mobile money platforms, agency banking networks, USSD services, internet banking, contactless payments, the eNaira itself, and open banking initiatives, noting that these tools have broken barriers related to distance, cost, and complexity.
“These channels are more than mere tools for transactions; they are instruments of empowerment,” he remarked.
The program was described as a celebration of Nigeria’s collective commitment to economic stability, financial inclusion, and national development.
Also speaking at the event, Mrs. Hakama Sidi Ali, Acting Director of the CBN Corporate Communications Department, reiterated the bank’s dedication—under the leadership of Governor Olayemi Cardoso—to stimulating productivity, enhancing financial inclusiveness, and fulfilling its core mandate of maintaining monetary and price stability.
“Our policies have contributed to a significant increase in foreign investment inflows, positive trade balances, and a quantum leap in financial inclusion rates in recent times,” Ali noted.
She highlighted key policy measures, including the rollout of the exchange rate unification policy to reduce arbitrage and volatility in the foreign exchange market, and the clearing of over $7 billion in verified foreign exchange forward backlog.
Ali also pointed to the launch of the Nigeria Foreign Exchange (FX) Code, which has strengthened governance in forex market management, as well as ongoing bank recapitalization efforts aimed at enhancing the resilience and global competitiveness of Nigeria’s banking sector—positioning it to support the country’s ambition of becoming a $1 trillion economy.
She explained that the engagement’s core objective was to sensitize the public on how CBN’s policies and innovative initiatives can improve lives and livelihoods, while driving the nation’s economic growth and development.
To protect consumers, Ali announced the launch of the Unified Complaints Tracking System (UCTS), designed to streamline and improve the management of complaints against financial institutions. Complemented by a USSD code (*959#) for verifying licensed institutions, this system aims to enhance transparency and consumer protection throughout Nigeria’s financial sector.
“The core objective of this engagement, therefore, is to sensitize members of the public on how the Bank’s policies and innovations can enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy,” she affirmed.
Ali also urged Nigerians to respect the naira as a symbol of national identity, advising against mutilation, counterfeiting, or disrespectful handling of the currency.
Other stakeholders acknowledged that economic stability remains at the heart of CBN’s strategy. They highlighted the administration’s prioritization of an inflation-targeting framework, which has been pivotal in controlling inflation and stabilizing the naira through careful monetary policy adjustments.
“This year has been marked by innovative reforms and realignments, including significant upgrades to digital platforms, automation of financial processes, and the implementation of stringent cybersecurity measures to protect assets and data,” they said.
Concerns raised by participants about banking system stability, customer service, and complaint resolution were addressed by representatives from multiple CBN departments, including Other Financial Institutions, Payments System Policy, Consumer Protection and Financial Inclusion, Currency Operations and Branch Management, and Financial Markets.
