Naira

The Supreme Court of Nigeria says no to redesigning the naira, ruling that the old banknotes will remain in circulation.

The limits set by the Central Bank of Nigeria are part of a broader push to encourage digital financial transactions.

Nigeria’s central bank has upgraded its eNaira to steer the country away from crypto even after a UN report stated that restrictions on digital currencies are stifling the nation’s fintech sector.

The CBN says the proposed central bank digital currency will offer parity of value and will operate as a non-interest-bearing CBDC.