Nigeria Considers eNaira for Salary Payments

The Federal Government of Nigeria is considering the use of the eNaira platform for salary and pension payments, according to a report from the Central Bank of Nigeria (CBN). This initiative is part of the CBN's Nigeria Payment System Vision 2028, which aims to transform the country's digital currency into a major payment channel.

The eNaira, launched in October 2021 as Africa's first central bank digital currency (CBDC), seeks to deepen financial inclusion and reduce transaction costs. Despite regulatory support, the adoption of eNaira remains low.

The CBN plans to revisit the existing CBDC framework to better align with market realities and operational needs. The document outlines a pilot project for government payments, including payroll processes and cash transfers, utilizing the eNaira platform.

Additionally, the CBN aims to enhance the financial market infrastructure and support the settlement system through the integration of digital currency features, including time-limited spending and sub-wallet creation.