Nigeria Charts New Course with Digital Payment Strategy

The Central Bank of Nigeria (CBN) has unveiled its Payments System Vision 2028 (PSV 2028), signaling a significant policy shift toward digital assets as key drivers of financial inclusion. This ambitious plan aims to bring over 50 million unbanked and underbanked Nigerians into the formal economy, leveraging both the repositioned eNaira and a newly regulated stablecoin framework.

The PSV 2028 recognizes that traditional banking infrastructure alone cannot meet Nigeria’s financial inclusion goals. As CBN Governor Olayemi Cardoso stated, “Just as physical infrastructure dictates the pace of commerce, digital payment rails dictate the scale of financial inclusion.” This vision comes shortly after a successful pilot program for virtual asset service providers was launched in March.

Repositioning eNaira for Programmable Inclusion

The initial rollout of Nigeria’s CBDC faced challenges gaining retail adoption. The PSV 2028 shifts focus entirely, integrating the eNaira as the foundation for government disbursements—civil servant salaries, pensions, and social welfare programs. By routing these substantial capital flows through the digital currency, the CBN aims to achieve systemic adoption from top down.

The blockchain technology underpinning the eNaira enables programmable payments with built-in conditions and expiration dates. This ensures that intervention funds reach targeted demographics efficiently, reducing leakage and maximizing impact in rural communities. The goal is clear: make the eNaira the default medium for all government value transfers.

Regulating Stablecoins for Cross-Border Efficiency

With over $92.1 billion in crypto-asset activity recorded between mid-2024 and mid-2025, largely driven by stablecoins, the CBN acknowledges this parallel financial rail. The PSV 2028 proposes a comprehensive framework that includes:

  • Rigorous licensing: Requiring 100% high-quality reserve backing for fiat-collateralized stablecoins
  • Domestic reserve requirements: Mandating that a portion of foreign currency reserves be held locally
  • Remittance cost reduction: Targeting a ceiling of 5% from the current Sub-Saharan average of 8.78%

The successful launch of cNGN, Nigeria’s first regulated stablecoin with over ₦2.3 billion in tokens held by nearly 5,000 wallets, demonstrates market demand for fiat-backed digital assets that offer crypto speed without volatility.

By formalizing this digital liquidity and utilizing RegTech solutions for real-time monitoring, the CBN aims to capture a new pool of FX reserves that can support international trade and strengthen Nigeria’s financial system.