eNaira is a Central bank digital currency issued and regulated by the Central Bank of Nigeria. [1] It was the first of its type in Africa. [2] Denominated in naira, the eNaira serves as both a medium of exchange and a store of value and claims to offer better payment prospects in retail transactions when compared to cash. [3] [4] [5]
The eNaira was launched and activated on 25 October 2021 by President Muhammad Buhari, [6] under the slogan: "Same Naira, More Possibilities".
Takeup has been sluggish. Fewer than 0.5% of Nigerians were using the eNaira within a year of its launch, despite discounts to encourage adoption. [7] As of 2024, most wallets are reportedly inactive. [8] Barriers include weak technology infrastructure, unreliable electricity, the lack of training for financial employees, anxieties about data privacy and financial crime, [2] low trust in government, and the exclusion of people without existing bank accounts. [8]
The naira is the currency of Nigeria. One naira is divided into 100 kobo.
Chief Bola Ahmed Adekunle Tinubu is a Nigerian politician who is the 16th and current president of Nigeria. He was the governor of Lagos State from 1999 to 2007, and senator for Lagos West in the Third Republic.
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. The major regulatory objectives of the bank as stated in the CBN Act are to: maintain the external reserves of the country, promote monetary stability and a sound financial environment, and act as a banker of last resort and financial adviser to the federal government. The central bank's role as lender of last resort and adviser to the federal government has sometimes pushed it into murky regulatory waters. After the end of imperial rule, the desire of the government to become proactive in the development of the economy became visible, especially after the end of the Nigerian civil war, the bank followed the government's desire and took a determined effort to supplement any show shortfalls, credit allocations to the real sector. The bank became involved in lending directly to consumers, contravening its original intention to work through commercial banks in activities involving consumer lending.
Corruption is an anti-social attitude awarding improper privileges contrary to legal and moral norms and impairs the authorities' capacity to secure the welfare of all citizens. Corruption in Nigeria is a constant phenomenon. In 2012, Nigeria was estimated to have lost over $400 billion to corruption since its independence.
The Nigerian Security Printing and Minting Company Plc is the Nigerian banknote printer and mint. It is located in both Abuja and Lagos and is majority-owned by the government of Nigeria.
Kingsley Chiedu Moghalu OON is a Nigerian political economist. He served as Deputy Governor of the Central Bank of Nigeria, appointed by President Umaru Musa Yar'Adua, from 2009 to 2014. He subsequently taught at Tufts University as Professor of Practice in International Business and Public Policy at The Fletcher School of Law and Diplomacy from 2015 to 2017. He was the presidential candidate of the Young Progressive Party (YPP) in the country's general election in February 2019.
Barbadian–Nigerian relations are foreign relations between Barbados and Nigeria. Barbados and Nigeria formally established diplomatic relations on 24 April 1970. Nigeria is accredited to Barbados from its high commission in Port of Spain,. Currently the Barbadian Government does not have foreign accreditation for Nigeria, however the Nigerian Government has said that it was highly desirous of Barbados establishing a high commission directly in Nigeria.
Godwin Ifeanyi Emefiele is a Nigerian politician, economist and banker who served as governor of the Central Bank of Nigeria from 4 June 2014 until his suspension by President Bola Tinubu, on 9 June 2023.
Treasury Single Account (TSA) is a financial policy in use in several countries all over the world. It was proposed by the federal government of Nigeria in 2012 under the Jonathan Administration and was fully implemented by the Buhari Administration. to consolidate all inflows from all agencies of government into a single account at the Central Bank of Nigeria.
SystemSpecs is a Nigerian computer software company based in Lagos.
Aishah Ndanusa AhmadCFA is a Nigerian accountant and finance professional. She is a former deputy governor of the Central Bank of Nigeria having been appointed on 6 October 2017, replacing Sarah Alade, who retired in March 2017. She was confirmed by the Nigerian Senate on 22 March 2018. On 6 December 2022, Ahmad was reappointed deputy governor for a second five-year term and subsequently confirmed by the Senate on 14 December 2022. However, on 15 September 2023, she was removed from office by President Bola Tinubu alongside three other deputy governors for alleged corporate governance failures at the Central Bank of Nigeria.
Peoples Gazette is a Nigerian online newspaper based in Abuja. It launched in 2020. The online medium is notable for its investigative journalism, among other fields.
Flutterwave is an American fintech company that provides a payment infrastructure for global merchants and payment service providers across the continent.
The Nigerian fifty-naira note is a denomination of the Nigerian currency. When the note was introduced in October of 1991, it was the banknote with the highest denomination in Nigeria at the time.
Nigerian one thousand-naira note is a denomination of the Nigerian currency. The one thousand-naira note was introduced in October 2005.
The recent history of central bank digital currencies (CBDCs) has been marked by continuous exploration and development. Over 100 countries were actively engaged in CBDC research in June 2023, with 11 countries, territories or currency unions having launched CBDCs, and 21 implementing pilot programs by October 2023.
Cryptocurrency in Nigeria describes the extent of cryptocurrency use, social acceptance and regulation in Nigeria.
The Nigerian two hundred-naira bill (₦200) is a denomination of Nigerian currency. The first Nigerian note with this value was issued in November 2000.
The 2023 Nigerian currency crisis was precipitated by a shortage of cash currency and an attempt by the Nigerian government to force citizens to use a newly created government-sponsored central bank digital currency. This led to extensive street protests in mid-February 2023.
The Nigerian Naira notes are the official banknotes of Nigeria, the currency of which is the Nigerian Naira (NGN). The Naira is subdivided into 100 kobo. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender in the country.