The Central Bank of Nigeria has signed a Memorandum of Understanding with "Gluwa", a blockchain company, to drive the adoption of the eNaira. Stakeholders had asked the CBN in October last year to seek collaboration with financial technology companies to help in the adoption of Nigeria’s digital currency

The partnership between CBN and Gluwa comes just days after the world’s largest cryptocurrency exchange platform, Binance, announced that it was halting operations in Nigeria, following a clampdown on crypto platforms.

Binance also turned off its peer-to-peer naira feature on the platform, citing regulatory concerns.

CBN, Gluwa plan for eNaira Speaking on the partnership, Gluwa said the new collaboration will leverage blockchain technology. TheCable reports that the company said the collaboration seeks to improve eNaira’s technical functionalities, driving wider adoption and enhancing financial inclusion across Nigeria. Gluwa said: “We are thrilled to share monumental news! After years of relentless effort, Gluwa has signed a Memorandum of Understanding (MoU) with the Central Bank of Nigeria (CBN) to officially onboard as a Partner Agent and help drive the increased adoption of Nigeria’s CBDC, also known as eNaira.”

Benefits of CBN, Gluwa stated part of the collaboration is the credal integration with eNaira to allow for more accessible loan originating, tracking, settlement, and credit scoring for local fintech lenders.

The main aim is to take advantage of the power of blockchain technology to boost financial inclusion, improve the eNaira functionalities and drive financial innovation.