The Federal Governmentn is considering paying salaries, pensions and social welfare benefits through the eNaira under a new Central Bank of Nigeria roadmap.
The proposal is contained in the Nigeria Payments System Vision 2028, released by the CBN.
The aim is to transform the country’s digital currency into a major payment channel by expanding its use from its current pilot project to a core payment rail for government and private-sector transactions.
Recall that the eNaira was launched in October 2021 as Africa’s first central bank digital currency to deepen financial inclusion, reduce the cost of transactions and remittances, and promote a cashless economy.
But its use has remained low despite years of regulatory support.
In the new document, CBN said it would revisit the existing CBDC framework to better align it with market realities and operational needs.
“Transition CBDC from pilot to core payment rail through defined use cases,” the document stated, identifying government-to-person payments, payroll processing, offline payments and micro-enterprise enablement as means to increase the digital currency use.
The plan suggests that government salaries, pensions, conditional cash transfers and other public-sector disbursements could in future be channelled through the eNaira platform as part of efforts to accelerate adoption and improve payment efficiency.
