The Central Bank of Nigeria (CBN) has unveiled a fresh strategy for the eNaira, signalling a major shift in how the country’s digital currency will operate under its newly released Payments System Vision (PSV) 2028 framework.
Background of the eNaira
When the CBN launched the eNaira in October 2021, it was celebrated as Africa’s first central bank digital currency (CBDC) built for everyday transactions. The initiative was expected to drive financial inclusion, lower remittance costs, deepen the cashless economy, and modernise Nigeria’s payment landscape. Nearly five years later, however, the eNaira has struggled to achieve mainstream success.
Why the eNaira Struggled
From the beginning, the eNaira faced stiff competition from already established digital payment solutions such as bank apps, fintech wallets, USSD banking, and mobile money platforms. For many Nigerians, the digital currency offered little advantage over services they were already familiar with and trusted.
One of the biggest barriers was accessibility. Users initially needed a Bank Verification Number (BVN) or National Identification Number (NIN) to access the platform, shutting out millions of unbanked Nigerians the initiative was supposed to help. While the strict identity requirements were designed to prevent fraud, money laundering, and financial crimes, they also limited participation among Nigerians without formal identification or bank accounts.
Even after the introduction of USSD access, merchant payment tools, and pilot government-payment programmes, adoption remained weak. The eNaira also failed to play a significant role during Nigeria’s 2023 cash shortage crisis, further raising concerns about its real-world usefulness and long-term relevance. Over time, the project became one of the most cited examples globally of a CBDC struggling to gain public acceptance.
CBN Admits Slow Adoption
In its PSV 2028 strategy document released on June 1, the CBN openly acknowledged many of the eNaira’s shortcomings. According to the regulator, the digital currency currently has “millions of wallets” and has processed around ₦22 billion in transactions since launch. However, the CBN admitted adoption has been slow due to several factors, including weak stakeholder engagement, poor integration efforts, limited implementation resources, and inadequate awareness campaigns. The central bank noted that many of the onboarding and customer education responsibilities undertaken during the rollout were not traditionally core functions of the apex bank, according to a TechCabal report.
New Direction for eNaira
Under PSV 2028, the CBN is no longer positioning the eNaira as a standalone consumer payment product competing directly with banks and fintech companies. Instead, the regulator wants the eNaira to become part of the broader infrastructure powering Nigeria’s digital payments ecosystem. The strategy places the CBDC alongside initiatives such as open banking, digital identity systems, cross-border payments, real-time payment solutions, and emerging financial technologies. The new approach reflects a growing recognition that payment systems work best when they are interconnected rather than isolated products.
Focus on Cross-Border Payments and Security
A major highlight of the new vision is the push for deeper integration with regional and international payment networks. Although the CBN did not release a detailed roadmap for expanding the eNaira beyond Nigeria, the strategy suggests the digital currency could eventually support cross-border trade, remittances, and regional commerce across Africa. The document also stresses the importance of consumer trust, cybersecurity, fraud monitoring, and interoperability. To strengthen confidence in digital payments, the CBN plans to introduce stronger consumer-protection measures, improve cybersecurity frameworks, and enhance coordination across the financial ecosystem.
A Second Chance for the eNaira?
While uncertainty remains over whether the revamped strategy will finally deliver widespread adoption, the latest move signals that the CBN is not giving up on the eNaira. Rather than treating it as a failed experiment, the apex bank is repositioning the digital currency as a key component of Nigeria’s long-term financial infrastructure. For a project many Nigerians had already written off, PSV 2028 may represent the eNaira’s biggest opportunity yet for a fresh start.
