Economy
CBN Adds New Feature to Yet-to-be-Launched eNaira
By Sodeinde Temidayo David
The Central Bank of Nigeria (CBN) has announced that the yet-to-be-launched eNaira will have a new add-on that will enable users to complete transactions with mobile phones without Internet capability.
The apex bank, in a document titled Design paper for the eNaira, disclosed that maximising the value and use cases of the nation’s digital currency would depend largely on devices with Internet capabilities.
A few months ago, the CBN said it would launch eNaira on October 1, 2021, but it later suspended this without giving a new date for the unveiling.
This digital currency, which is expected to promote the cashless policy, is expected to become operational after the central bank stopped the trading of unregulated digital currencies in the country like Bitcoin, Ethereum and others.
The eNaira is to be introduced into the country under the Central Bank Digital Currency (CBDC), an electronic record or digital token of the local currency and is to be issued and regulated by the monetary authority.
Given the reason, the CBN noted that, “The eNaira thus risks further alienating sections of the population who are uneducated, lack exposure and access to internet services or digital devices.”
The apex bank is adding the new feature to the eNaira following a recent publication that estimated that 35 per cent or about 37.1 million of the nation’s adult population was illiterate.
To face the risk of losing adoption of the digital currency to this segment of the population, the CBN added that the bank has factored in the need for inclusiveness as part of the core design principle of the eNaira.
According to the central bank, this principle has enabled the bank to focus on simplicity and ease on the use of the e-Naira, to ensure that Nigerians without Internet-enabled phones can access the digital service.
The CBN said the eNaira would complement existing payment options available via the mobile banking apps, Point of Sale (POS) terminals, Unstructured Supplementary Service Data (USSD), quick response code and Internet banking, among other channels.
GSMA, a global industry organisation that represents the interests of mobile network operators, had said in a recent report that 19 per cent of people living in Nigeria do not have access to mobile broadband coverage.
In its design paper, the central bank, in a bid to ensure inclusive access while also ensuring the integrity of the financial system, has chosen the account-based CBDC model for the eNaira.
The CBN said, “The account-based CBDC model at its core mirrors the progress made on the National Financial Inclusion Strategy which enables access to financial services by leveraging last-mile networks to identify users and to provide banking services through channels such as PoS and USSD.
“With the account-based model, the CBN seeks to enable access by leveraging the existing identity infrastructure in Nigeria such as the BVN, NIN, TIN, etc., to uniquely identify individuals and corporate entities.
“Specifically, identity frameworks such as the NIN will enable access for the financially excluded as they can be uniquely identified, thereby enabling the provision of financial services. These identity systems will help ensure a robust KYC framework positioned to enable access for all Nigerians.”
The CBN also added that this would help improve cross-border payments and address issues of dollarisation of the economy, as it could be recalled that Visa, a payments company, recently noted that the ease of operating CBDCs would determine the success of digital currencies.
By Aduragbemi Omiyale
The Debt Management Office (DMO) on Monday allotted bonds worth N929.3 billion to investors from the N1.7 trillion bids it received from subscribers.
The exercise, which took place on Monday, July 20, 2026, was oversubscribed by market participants, reflecting the confidence investors have in the government’s ability to redeem the debt instrument on maturity.
On offer for sale for the July auction was N1.2 trillion worth of the FGN bonds, but the DMO allotted below this, despite receiving bids above the offer.
The papers were offered in 10-year, 15-year, and 20-year tenors, at N400 billion each.
For the decade-old note, investors staked N444.47 billion, but the debt office sold N245.73 billion at an 18.34 per cent coupon rate. For the one and a half-decade-old paper, bids valued at N518.00 billion were received by the DMO, with a non-competitive bid of N50.00 billion, with N302.13 billion allotted to investors at 18.40 per cent, and for the two-decade paper, the DMO got competitive bids of N665.19 billion and N381.46 billion was sold to bondholders at 18.35 per cent.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, disclosed that Nigeria’s external reserves had risen to $52.5 billion, enough to finance about nine months of imports.
He disclosed this on Tuesday at the end of the 306th meeting of the Monetary Policy Committee (MPC) held in Abuja, where the Monetary Policy Committee (MPC) retained the benchmark interest rate at 26.50 per cent as well as the standing facilities corridor at +50/-450 basis points around the MPR.
Similarly, the Cash Reserve Requirement (CRR) was maintained at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, and 75 per cent for non-Treasury Single Account (TSA) public sector deposits.
Speaking on FX developments, the central banker said at the $52 billion level, the country’s external reserves were significantly above the internationally recommended threshold of three months of import cover.
On the Naira exchange rate, Mr Cardoso said the foreign exchange market had deepened and was now operating on a transparent willing-buyer, willing-seller basis.
He said the apex bank remained committed to maintaining a liquid and functional foreign exchange market, adding that daily market turnover sometimes exceeded $1 billion.
According to him, the long-term stability of the naira would depend on key economic fundamentals, including increased oil exports, foreign direct investment, and improved domestic productivity to reduce dependence on imports.
He also added that the MPC welcomed the federal government’s renewed commitment to stronger policy coordination, particularly collaboration between fiscal and monetary authorities, which he said had helped reduce the impact of the Middle East crisis on the Nigerian economy.
Mr Cardoso said members of the committee also commended efforts to improve crude oil production and urged relevant agencies to intensify reforms in other sectors, including solid minerals, to boost government revenue.
On the regulatory forbearance granted to banks during the COVID-19 period, he reiterated that this had been discontinued because it had served its purpose.
According to him, the policy had “outlived its time” and was no longer necessary in assessing the health of the banking sector.
“Forbearance, we felt, had outlived its time. Many of you will recall this is something that came as a result of COVID. And now we are in 2026; we did not see the reason why that should continue to form part of the analysis of the banking system,” he said.
Mr Cardoso explained that banks had begun recalibrating their portfolios following the end of the policy, leading to a temporary reduction in outstanding risk assets.
He, however, assured that the development was part of a transition towards a stronger and more sustainable credit environment.
“It reflects a transition to a more sustainable and better quality credit environment, which is what we all want. We don’t want unanticipated shocks that come in a boom-and-bust fashion,” he said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its recent positive run by 1.17 per cent on Tuesday, July 21, triggered by appreciation seen in four bellwethers.
Leading the pack was FrieslandCampina Wamco Nigeria Plc, which added N12.00 to its value to close at N153.15 per share compared with the previous day’s N141.15 per share. NASD Plc appreciated by N1.90 to N36.00 per unit from N34.10 per unit, Food Concepts Plc improved by 23 Kobo to N2.48 per share from N2.25 per share, and Afriland Properties Plc grew by a marginal 1 Kobo to N15.01 per unit from N15.00 per unit.
As a result, the market capitalisation of the bourse increased by N30.40 billion to N2.637 trillion from Monday’s N2.606 trillion, and the NASD Security Index (NSI) gained 50.70 points to finish at 4,393.97 points, in contrast to the 4,343.27 points it ended a day earlier.
The unlisted securities exchange recorded a price loser yesterday, and it was Geo-Fluids Plc, which shed 1 Kobo to settle at N2.30 per share versus N2.31 per share.
During the trading day, the volume of securities traded by market participants on Tuesday dropped 99.4 per cent to 322,147 units from the previous day’s 52.6 million units, the value of securities dipped by 89.8 per cent to N19.4 million from the preceding session’s N191.2 million, and the number of deals contracted by 3.6 per cent to 27 deals from 28 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 75.4 million units exchanged for N5.3 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
