The implementation of Nigeria’s digital currency, the eNaira, will be carried out in four phases and would be done in a way that the system would work in integration with the digital currency systems of other countries around the world.

The full implementation of the eNaira which, started with the onboarding of the banked, would culminate into offline eNaira payments solutions, then cross-border payment and interoperability with those of other Central Banks.

Mrs Rakiya Mohammed, Director of Information Technology at the Central Bank of Nigeria, disclosed this at the licensed payment service providers’ engagement session in Lagos.

She added that the apex bank and some key stakeholders in the payment system ecosystem, most especially the PSPs and a large community of fintech groups, have resolved to work together to improve acceptance of the newly launched digital currency.

Rakiya stated further that the CBN is using the event to bring all stakeholders on board, so as to provide an avenue for robust constructive engagements, facilitate innovative ideas that will add value to the digital currency as well as improve the users’ experience.
The Director also clarified that the apex bank’s newly created digital currency is not in competition with the Commercial Banks or other players in the nation’s payment ecosystem.

Going forward, the CBN team and the different stakeholder groups agreed to meet periodically to review progress made so as to enable more Nigerians access the eNaira with efficiency.

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