CBN's E-Naira Digital Currency Goes Offline, Raises Concerns - Project in Limbo

Concerns arise as the Central Bank of Nigeria quietly takes down the E-Naira digital currency platform, leaving the project in limbo. The eNaira, introduced in October 2021 to modernize Nigeria's financial system, enhance payments, and promote a cashless economy, has slipped offline without explanation.

Initially, the CBN had minted N500 million worth of eNaira, integrated with 33 commercial banks, and onboarded 120 merchants. The platform was expected to boost Nigeria's GDP significantly by 2031.

While officials emphasized continuous upgrades, recent checks show the digital currency is effectively unavailable, with the original wallet portal inaccessible.