When the Central Bank of Nigeria (CBN) launched the eNaira in October 2021, it presented the project as a landmark step in Nigeria’s push towards a cashless economy. As Africa’s first central bank digital currency (CBDC) designed for everyday use, it was expected to make payments easier, reduce remittance costs, expand financial inclusion, and support economic growth.
Nearly five years later, those ambitions remain largely unrealised. The eNaira struggled to gain widespread adoption because it offered little that existing bank apps, fintech wallets, and mobile money platforms were not already providing more conveniently.
In its Payments System Vision (PSV) 2028 strategy, unveiled on June 1, the CBN signals a major rethink of the eNaira’s role. Rather than positioning it as a standalone digital wallet competing with banks, fintechs, and mobile money providers, the central bank wants the eNaira to become part of the infrastructure that underpins Nigeria’s digital payments ecosystem.
The strategy places the CBDC alongside initiatives such as open banking, digital identity, cross-border payments, and emerging financial technologies.
The shift reflects lessons from the eNaira’s slow adoption since its launch in 2021. As a consumer-facing payment product, it struggled to offer a compelling alternative to existing digital payment options.
