Nigeria’s central bank improves eNaira for touchless payments with NFC upgrade
The Nigerian central bank is making the eNaira even better for payments. They added a new technology called NFC, which allows contactless payments using mobile phones.
They believe this will help more people use the eNaira.
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The central bank is determined to continue with its digital currency project, even after the former governor left. They want to use innovative technology to make the eNaira easy and safe to use.
They also plan to add features that limit the use of the eNaira to specific government programs, to prevent fraud. For example, they can make sure the money goes to farmers for tools and can’t be used for other things.
The eNaira has many advantages, like faster transactions and reducing risks in payments. It aims to include more people in the country’s financial system. Nigeria started the eNaira in 2021, but not many people are using it yet. The central bank is trying different ways to increase its use, but some commercial banks are not supporting it because they want to make more money.
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