Four Years After Launch, CBN’s eNaira Project Quietly Goes Offline
By DAYO ADESULU
Four years after its celebrated debut, the Central Bank of Nigeria’s (CBN) digital currency, the eNaira, has slipped into obscurity, with its official platforms no longer accessible and the initiative seemingly stalled.
The eNaira, a Central Bank Digital Currency (CBDC), was launched in October 2021 under former President Muhammadu Buhari. It was touted as a groundbreaking project to modernize Nigeria’s financial system, strengthen the cashless economy, and enhance cross-border transactions.
At the unveiling, President Buhari announced that ₦500 million worth of eNaira had already been minted, with ₦200 million issued to financial institutions. He revealed that 33 commercial banks had integrated into the system, over 2,000 customers onboarded, and more than 120 merchants registered on the platform. The CBN projected the eNaira could boost Nigeria’s GDP by as much as $29 billion by 2031.
The apex bank also emphasized that the platform would undergo continuous upgrades. “Given that the eNaira is a journey, its unveiling marks only the first step. This journey will continue with a series of modifications, new capabilities, and enhancements to the platform,” officials stated at the time.
But recent findings suggest the project has ground to a halt. The official portal, www.enaira.gov.ng
