Poundcast Episode 14: Exploring the Future of Digital Currency in Africa, with Adedeji Owonibi of Convexity
In Episode 14 of the Poundcast, we delve into the dynamic world of African digital currency with Adedeji Owonibi, Founder and CEO at Convexity. Adedeji shares his expertise on the developments in the Nigerian CBDC and stablecoin space, shedding light on initiatives like the eNaira and the African Stablecoin Consortium. He discusses the vision behind […]
Nigeria plans to introduce Naira stablecoin (cNGN) in 2024
On Friday, December 22, the Central Bank of Nigeria reportedly released a circular addressed to all banks and financial institutions, revoking its previous prohibition on bitcoin. Additionally, the circular set forth new regulations for Virtual Asset Service Providers operating within Nigeria. A notable development in Nigeria’s financial landscape will be the introduction of a Naira […]
Nigeria’s Central Bank Reinforces Trust in Its Digital Currency Amid Speculation
The Central Bank of Nigeria (CBN) reaffirmed its trust in its central bank digital currency (CBDC), known as the eNaira, in a recent statement. This response comes in the wake of concerns about the digital currency’s impact on the country’s financial framework. Last month, the Bank shared insights into the financial implications of integrating a […]
eNaira: Central Bank of Nigeria Introduces NFC Technology and Programmability for Enhanced User Adoption
According to Ledger Insights, the Central Bank of Nigeria recently unveiled new enhancements for its central bank digital currency (CBDC), the eNaira, aiming to stimulate its service offerings and promote wider adoption among users. To begin with, the eNaira will now support NFC (Near Field Communication) technology, the same technology employed by popular platforms like […]
Central Bank of Nigeria approves CBDC use for remittances
Source: Ledger Insights Last week, the Central Bank of Nigeria announced the introduction of the eNaira as a payment option for inbound remittances in an effort to help increase the adoption of the central bank digital currency (CBDC). The move comes after the ousting of the central bank’s Governor earlier this month, which cast doubts over the future of the CBDC […]
CBDCs on the horizon: The current state of CBDC initiatives around the world
Source: Cointelegraph Central bank digital currencies (CBDCs) have long been a topic of contested discussion, having often been met with a predominantly negative response in the crypto community. However, despite the skepticism, CBDCs undeniably serve as a significant use case for blockchain technology. BDCs distributed through blockchain technology can provide cheaper, faster and possibly more […]
eNaira USSD Channel Targets Feature Phone Users
Source: Voice of Nigeria Nigeria’s Central Bank digital currency (CBDC) has been extended to feature phone users with the unveiling of the eNaira USSD channel. The channel would enable subscribers to cash in and out of the eNaira platform using USSD, an innovation the promoter of the scheme said would increase its speed of adoption. […]
Nigeria’s Central Bank in Talks With Blockchain Platform R3 for CBDC Revamp: Bloomberg
Source: Coindesk The Central Bank of Nigeria (CBN) is looking to develop a new system for its digital currency, the eNaira, and is in early-stage talks with New York-based blockchain firm R3, Bloomberg reported on Tuesday, citing people familiar with the matter. The CBN wants to “develop its own software for the digital currency so that it […]
Nigeria to create legal framework for stablecoins and ICOs
Source: Cointelegraph As one of the world’s pioneers in adopting its own central bank digital currency (CBDC), Nigeria also declares its readiness to accept the existence of private stablecoins. The necessity to create a legal framework for stablecoins is noted in the latest central bank strategy paper. Published under the headline “Nigeria Payments System Vision […]
The Geopolitics of CBDCs
Written by Jannah Patchay, Policy Lead for the Digital Pound Foundation Central bank digital currencies (CBDCs) – a digital form of central bank-issued fiat currency – have seen explosive growth in interest over the past four years. At the start of 2023, 114 countries, representing 95% of global GDP, are currently exploring CBDC, of which 60 […]