Nigerian central bank adds NFC upgrade to eNaira for contactless payments

In spite of the former governors ousting almost 2 months earlier, the Central Bank of Nigeria (CBN) continues to be committed to its central bank digital currency (CBDC) task, revealing no indicators of abandoning it.According to a report by local news outlet The Sun, the central bank just recently improved the CBDC mobile app by integrating Near Field Communication (NFC) technology. He discussed that these programmability features might restrict CBDC payments solely to designated government programs, reducing the risk of fraud.In more description, Angaye reportedly highlighted that the CBDCs programmability enables for targeted fund allotment to farmers, enabling specific purposes such as tool acquisition. He emphasized that the eNaira intends to attend to the problem of monetary inclusion, and Nigerias pioneering role in adopting CBDCs supplies important insights for different economic gamers and entities to find out from the nations experience.Related: Nigerian social payments app shuts down crypto exchange servicesNigeria introduced its eNaira in 2021 to be part of an unique group of countries with a CBDC offering.