Friday, December 9, 2022

Nigerian Central Bank Will Allow Bill Payments In eNaira

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The Nigerian central bank will allow bill payments in their eNaira cryptocurrency so now people can pay their bills, flight tickets, and more in the eNaira starting next week let’s read more today in our latest cryptocurrency news today.

The Nigerian central bank will enable locals to pay their bills, bills, and more using the eNaira. The move is a part of a campaign that aims to popularize the financial product and encourage people to employ it often in their daily transactions. It is safe to say that the most populated country in Africa is Nigeria and it is among the leaders in terms of CBDC efforts so the authorities introduced the eNaira under the slogan “Same Naira, more possibilities.” the central bank raised hopes that the product will make financial transactions much easier and seamless for the society. According to the recent coverage, the CBN will upgrade the CBDC next week and will allow members of the public to use it as a payment method. In order to do so, the financial institution partnered with the mobile banking company Bizi Mobile and as the Branch Controller Bariboloka Koyor noted:

“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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The bank asserted that more people will become aware of the product as a result of the upgrade and they should start using it often as a mean of payment and boost its presence around the country:

“This is a project that the CBN has rolled out to reach out to every Nigerian in terms of financial inclusion and in terms of efficiency, reliability, and safety of banking transactions so that we can do banking transactions very easily and safely and the people in Nigeria can enjoy the benefit of the eNaira.”

Despite the CBN’s attempts to introduce the eNaira to the local community, it remains uncertain how successful that move will be. The reason is that Nigerians are intrigued by crypto such as BTC. Recent studies show that over 33 million of Nigeria’s adults owned or traded digital assets in the past six months. About 52% of those invested more than half of their wealth in the marekt while 70% vowed to increase their exposure by the end of 2022. The research determined that the high itnerest in the asset class is boosted by the accelerating inflation levels and most locals decided to convert their devaluating fiat currency into crypto with hopes to preserve their wealth during the financial turmoil.

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