The eNaira struggled as a wallet. Now the CBN wants it to power payments.

When the Central Bank of Nigeria (CBN) launched the eNaira in October 2021, it presented the project as a landmark step in Nigeria’s push towards a cashless economy. As Africa’s first central bank digital currency (CBDC) designed for everyday use, it was expected to make payments easier, reduce remittance costs, expand financial inclusion, and support economic growth.

Nearly five years…