According to a report, Nigeria’s Central Bank has added Near Field Communication (NFC) technology to its CBDC mobile app.
This upgrade enables mobile devices and payment terminals to interact when in close proximity, facilitating convenient and contactless eNaira payments.
Digging Deeper
According to the Central Bank, more capabilities will be added to the eNaira which would limit CBDC payments exclusively to designated government programs, reducing the risk of fraud.
The Bigger Picture
Nigerian launched its eNaira CBDC in 2021 and became of the first African countries to launch its CBDC.
However, adoption has been low and has fallen below expectations.
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