Nigerian Central Bank adds NFC upgrade to eNaira for contactless payments

The central bank reportedly pointed out that the addition of NFC technology will play a crucial role in increasing CBDC adoption rates.

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Despite the ousting of the former governor nearly two months ago, the Central Bank of Nigeria (CBN) remains committed to its Central Bank Digital Currency (CBDC) project, showing no signs of letting up.

According to a report by local media The Sun, the central bank recently enhanced the CBDC mobile app by incorporating Near Field Communication (NFC) technology. This upgrade allows mobile devices and payment terminals to interact in close proximity, facilitating convenient, contactless eNaira payments.

Despite previous versions incorporating QR codes, CBN reportedly pointed out that the latest addition of NFC technology will play a crucial role in increasing CBDC adoption rates. Joseph Angaye, deputy director of the CBN's risk management department, reportedly revealed that the banking regulator is committed to using innovative technology to improve user experience.

Image of the Central Bank of Nigeria building. Source: Daily Post

By embracing the idea of ​​using advanced technology, Angaye allegedly revealed that the CBDC will be equipped with programmability features. He explained that these programmability features could limit CBDC payments exclusively to designated governments...