The Central Bank of Nigeria (CBN) may soon start using the eNaira to pay workers’ salaries, pensions and other welfare benefits, according to a new digital payments roadmap.
The plan is contained in the Nigeria Payments System Vision 2028, a document released by the apex bank to boost digital payments and expand the use of the country’s digital currency, Punch reports.
The eNaira, launched in October 2021 as Africa’s first central bank digital currency, was designed to deepen financial inclusion, cut transaction costs and ease money transfers. However, it has recorded low adoption since its rollout.
Under the new roadmap, the CBN wants to move the eNaira beyond its trial phase into mainstream use for both government and private transactions. The bank said it would review the existing framework guiding the currency to align it with current market needs.
Key areas earmarked for eNaira adoption include government payments to citizens, salary processing, offline transactions and support for small businesses. This could see salaries, pensions, conditional cash transfers and other government payouts eventually channelled through the platform.
The CBN also highlighted the currency’s “programmable money” features, which could allow funds to come with spending deadlines, restrictions on approved uses, automatic payment splitting and separate wallets for different purposes.
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