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Central Bank of Nigeria allows bills to be paid using the central bank’s digital currency “eNaira”

Central Bank of Nigeria allows bills to be paid using the central bank’s digital currency “eNaira”

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Answer Central Bank of Nigeria allows bills to be paid using the central bank’s digital currency “eNaira”

Reports have emerged that the Central Bank of Nigeria (CBN) will enable local residents to pay their bills, TV subscriptions and airline tickets using the central bank’s digital currency “eNaira”.

The move is part of a campaign aimed at promoting the new financial product and encouraging people to employ it more often in their daily transactions.

Nigeria Expands Uses of CBDC:

It is safe to say that Nigeria, the most populous country in Africa is among the leading countries in terms of CBDC digital currency development efforts.

Last year, authorities introduced an “eNaira” under the slogan “Same Naira currency with more options.”

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The country’s central bank raised hopes that the product would make financial transactions easier and smooth for all strata of society.

The Central Bank of Nigeria (CBN) will upgrade its digital banking currency next week, allowing the public to use digital currency as a payment method for bills, airline tickets or TV and internet subscriptions, it has reported. Source.

To do this, the Nigerian financial institution has entered into a partnership with the mobile banking company “Bizi Mobile”.

The bank assured that more Nigerians will become familiar with the product as a result of the recent promotions.

Nigerians are interested in cryptocurrency:

Despite attempts by the Central Bank of Nigeria to introduce the digital currency eNaira to the local population, it remains uncertain how successful this move will be.

The reason is that Nigerians are very fascinated by cryptocurrencies like Bitcoin (which is quite different from digital central bank currencies).

A recent study estimated that more than 33 million adults in Nigeria owned or traded cryptocurrency in the past six months.

Of these, 52% have invested more than half of their wealth in the market, while 70% have pledged to increase their exposure to cryptocurrencies by the end of 2022.

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The research also found that the high interest in the asset class is mainly fueled by accelerating inflation levels.

Many locals decided to convert their backward fiat currency into cryptocurrency, hoping to preserve their wealth during the financial turmoil.

The fact that a large segment of Nigerians lack access to basic financial services is another reason why they are jumping on the digital asset bandwagon.

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