CBN Moves to Revive eNaira for Wider Digital Currency Adoption

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to reviving the eNaira project, pledging fresh reforms and aggressive public awareness campaigns to drive its adoption and deepen financial inclusion across the country.

Launched in October 2021, the eNaira — Nigeria’s Central Bank Digital Currency (CBDC) — was a pioneering move on the African continent. Positioned as a secure, cashless payment solution, it was designed to promote financial inclusion, reduce transaction costs, and modernise the country’s payment infrastructure. However, despite the innovation, adoption rates have been sluggish, with both individuals and businesses slow to embrace the platform.

CBN officials attribute this slow uptake to low public awareness, lack of understanding of how the digital currency works, and concerns over security. Speaking at the CBN Fair in Lagos with the theme “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development”, Sunday Daibo, the CBN Branch Controller for Lagos, said the apex bank was determined to bridge these gaps.

“In a world where technology is reshaping economies, alternative payment channels are no longer an option but a necessity,” Daibo noted. “They are bridges connecting underserved populations to the formal financial system. The eNaira, alongside mobile banking, agency networks, and contactless payments, is part of our vision to ensure that every Nigerian, regardless of location or status, can benefit from our nation’s economic progress.”



Daibo emphasised that the CBN’s renewed push for eNaira adoption is part of a broader strategy to expand digital payment access and strengthen economic participation nationwide.



The revival of the eNaira is not happening in isolation. CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, explained that the initiative is tied to the apex bank’s broader economic strategy under Governor Olayemi Cardoso’s leadership.

In the past 22 months, the CBN has introduced significant reforms to stabilise the naira, attract foreign investments, and increase financial inclusion. Policies such as exchange rate unification, clearing $7 billion of verified FX forwards, launching the Nigeria Foreign Exchange (FX) Code, and driving bank recapitalisation are part of this agenda.

Ali said:

“We have made remarkable progress in increasing the financial inclusion rate, and the eNaira remains a central tool in this drive. Beyond payments, it offers the potential to deliver government interventions directly to citizens, improve transparency, and reduce leakages.”



Public skepticism remains one of the biggest hurdles to eNaira adoption. To address this, the CBN is ramping up consumer protection measures. The newly launched Unified Complaints Tracking System (UCTS) allows customers to lodge and monitor complaints against financial institutions, while a dedicated USSD code (*959#) enables users to verify licensed operators.

Ali also stressed the importance of safeguarding the physical currency, urging Nigerians to treat the naira as a national symbol and avoid practices like spraying, mutilating, or counterfeiting notes.

Industry analysts believe that for the eNaira to gain traction, the CBN must not only build awareness but also integrate the currency more seamlessly into daily transactions. This could involve:

Partnerships with fintech firms and mobile money operators to embed eNaira into widely used platforms.

Merchant incentives such as reduced transaction fees for businesses accepting eNaira payments.

Integration with government services for tax payments, welfare disbursements, and utility bills.


Security is also paramount. According to fintech experts, upgrading cyberdefences, implementing strong authentication measures, and maintaining transparency in operations will be critical to winning over a cautious public.



Nigeria’s move to revive its CBDC comes at a time when more countries are exploring digital currencies as tools for financial stability, cross-border trade, and inclusive growth. In Africa, countries like Ghana and South Africa are in various stages of CBDC development, but Nigeria remains a continental leader in implementation.

If the eNaira achieves wide adoption, it could enhance Nigeria’s position in the African Continental Free Trade Area (AfCFTA) by enabling faster, cheaper cross-border transactions and reducing dependence on foreign payment networks.



While the challenges are clear — from low awareness to consumer trust — the CBN’s renewed push signals its determination to make the eNaira a central pillar of Nigeria’s digital economy. Stakeholders at the Lagos fair agreed that building public confidence, improving user experience, and creating strong merchant networks will be key to its revival.

As global economies shift toward digital finance, Nigeria’s eNaira could still become a model for how emerging markets embrace innovation while addressing local realities. For now, the success of the revival will depend on how well the CBN can turn policy ambition into everyday financial convenience for millions of Nigerians.