The Central Bank of Nigeria (CBN) has introduced a chip-enabled Near Field Communication (NFC) device for its digital currency, the eNaira, aiming to enhance accessibility and usability, especially for those without smartphones or limited internet access.
NFC enables secure data exchange between compatible devices within a short range. The integration of NFC into the eNaira allows users to conduct transactions conveniently, using NFC tags attached to their phones.
To encourage the widespread adoption of eNaira, CBN officials visited the University of Abuja to promote digital currency among tertiary institution students. Mr. Joseph Angaye, a Deputy Director at the CBN, expressed the bank’s commitment to engaging students in the use of the eNaira.
He highlighted the additional services provided by the eNaira that are not available in traditional systems and emphasized its ability to facilitate transactions even in the absence of network connectivity. The NFC feature enhances the eNaira’s functionality and reinforces its potential to revolutionize financial transactions in Nigeria.
He noted that the eNaira has evolved into a world-class payment system, addressing challenges and achieving milestones. The CBN’s engagement with universities emphasizes financial education and the eNaira’s role in revenue collection.
The NFC-enabled eNaira complements existing payment systems and aims to promote financial inclusion while sharing Nigeria’s CBDC experiences globally. The CBN’s efforts position Nigeria as a significant contributor to the global CBDC movement.
During her address to the CBN officials, Prof. Aisha Sani Maikudi, the Deputy Vice-Chancellor (DVC) Academics of the University of Abuja, expressed the university’s readiness to collaborate with the CBN in educating Nigerians about the eNaira on a global scale.
Recognizing the significance of digital currencies and their potential impact on the financial landscape, the university sees value in joining forces with the CBN to promote awareness and understanding of the eNaira.
Furthermore, Prof. Maikudi made a significant announcement, stating that the Department of Banking and Finance within the university will be dedicated to the eNaira project.