CBN unveils new eNaira strategy under PSV 2028, shifts focus to infrastructure and cross-border payments

The Central Bank of Nigeria has released a fresh strategy for the eNaira under its new Payments System Vision 2028 framework. The move marks a major shift in how the digital currency will operate going forward.

Launched in October 2021 as Africa’s first central bank digital currency, the eNaira was meant to boost financial inclusion, lower remittance costs, and deepen the cashless economy. But nearly five years later, adoption has remained weak.

The CBN acknowledged the struggles in its PSV 2028 document released on June 1. The regulator said the eNaira has millions of wallets and has processed about N22 billion in transactions since launch. But it admitted slow adoption was driven by weak stakeholder engagement, poor integration, limited resources, and inadequate awareness.

From the start, the eNaira faced stiff competition from bank apps, fintech wallets, USSD banking, and mobile money platforms. Many Nigerians saw little advantage over services they already trusted.

Accessibility was another major barrier. Users needed a BVN or NIN to open a wallet, locking out millions of unbanked Nigerians. Even after the CBN added USSD access and merchant tools, adoption remained low. The eNaira also failed to play a major role during the 2023 cash shortage crisis, raising questions about its real-world usefulness.

PSV 2028: A new role for the eNaira

Under PSV 2028, the CBN is no longer positioning the eNaira as a standalone consumer product competing directly with banks and fintechs. Instead, the regulator wants it to become part of the broader infrastructure powering Nigeria’s digital payments ecosystem.

The strategy places the eNaira alongside open banking, digital identity systems, cross-border payments, real-time payment solutions, and emerging financial technologies. The new approach reflects a growing recognition that payment systems work best when they are interconnected, not isolated.

A major highlight is the push for deeper integration with regional and international payment networks. While the CBN did not release a detailed roadmap, the strategy suggests the eNaira could eventually support cross-border trade, remittances, and regional commerce across Africa.

Consumer trust and cybersecurity in focus

The document also stresses the importance of consumer trust, cybersecurity, fraud monitoring, and interoperability. To strengthen confidence in digital payments, the CBN plans to introduce stronger consumer protection measures and improve cybersecurity frameworks.

Uncertainty remains over whether the revamped strategy will finally deliver widespread adoption. But the latest move signals that the CBN is not giving up on the eNaira. Instead of treating it as a failed experiment, the apex bank is repositioning the digital currency as a key component of Nigeria’s long-term financial infrastructure.

For a project many Nigerians had already written off, PSV 2028 may represent the eNaira’s biggest opportunity yet for a fresh start.