Central bank of Nigeria partners with blockchain company to deepen e-Naira adoption

The Central bank of Nigeria has partnered with Convexity Technologies Limited to deepen e-Naira adoptions and sensitization in Nigeria.

By Staff

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The Central Bank of Nigeria has recently partnered with Convexity, a Nigerian-based tech firm focused on developing blockchain solutions and products, to speed up the adoption of the e-Naira. The partnership is also to also carry out more sensitization on the essence of the eNaira.

The consultancy company stated on LinkedIn, “The CBN in line with their mandate to push for a cashless economy and strengthen the naira has decided to partner with Convexity Technologies Ltd, a turnkey blockchain solution and consultancy company with deep reach in the blockchain and cryptocurrency space in Nigeria and Africa to champion the adoption and utility of the e-Naira across Nigeria.”

“We are glad to have this strategic partnership with the Apex bank and the monetary policy maker of Nigeria. This will boost the weakened confidence between the private sector who are champions of the Nigerian economy and FX drivers and the Central Bank of Nigeria. Cheers to a productive partnership,” Convexity further stated.

According to the Central Bank, the project is meant to help bank the unbanked, and provide a more flexible digital financial tool that will boost investments and business transactions in the country. 

While it’s part of the step the bank designed to implement the cashless policy, the eNaira has had a low adoption rate Nigerians are yet to fully embrace the currency due to several factors. These include doubt about the transparency of the CBDC, little to no insight into the essence of the CBDC since there’s an already existing digital form of the naira in use between commercial banks and customers, and other reasons.

Prior to the launch, Bitt Inc, a Barbados-based tech firm, was contacted as the key partner in the release of the CBDC. In February 2023, the CBN reached out to R3, a blockchain company in New York, to discuss changing the underlying infrastructure of the eNaira.

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