The eNaira has been upgraded by the country’s central bank in an attempt to divert the interest of its population away from cryptocurrencies. This decision comes even after a warning in a UN report which pointed out that restrictions on the crypto sector were too harsh. The UN also said that its effect was affecting the entire fintech sector in Nigeria.

Bariboloka Koyor, a branch controller of the Central Bank of Nigeria (CBN) was at a campaign organized in Lagos, for the sole purpose of promoting the use of eNaira among businesses.

Starting from next week, there is going to be an upgrade on the eNaira speed wallet app that will allow you to do transactions such as paying for DSTV or electric bills or even paying for flight tickets.

The branch controller further said the upgrade was associated with a plan to upgrade the “onboarding process.” This is firmly interpreted as no charges for state-issued wallets for the eNaira, which would be faster than internet banking. He also said that eNaira would be very soon the only way to receive financial assistance from the government.

After the launch of eNaira in October 2021, restrictions on crypto trading increased in Nigeria. The central bank prohibited banks from conducting any activity with crypto exchanges. Later, the CBN also ordered to freeze of the accounts of two individuals who were trading cryptocurrencies. The crackdown has led commercial banks in the country to track customer accounts which have caused fintech businesses to be flagged.

The Nigerian currency has fallen by almost 209% in the last six years. As per a recent report, more than thirty-three million Nigerians either owned or traded cryptocurrencies in the last six months.

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