E-Financial
e-Naira: CBN to Fortify Nigeria’s Digital Currency
Central Bank of Nigeria (CBN) has described the e-Naira, Nigeria’s proposed digital currency as a critical national infrastructure, a term used by governments to describe assets that are essential for the functioning of a society and economy.
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Such critical infrastructure, civil nuclear, communications, defence and so on are protected to avoid operational and cyber-security risks.
Godwin Emefiele, governor of the CBN, said the “e-Naira” which it plans to launch in October, would operate as a wallet against which customers can hold existing funds in their bank account.
A CBN document offered more insights into the digital money regime, especially the potential risks and mitigation measures, the apex bank said there would be a co-existence of traditional payment systems and the CBN Digital Currency (CBDC) to address interoperability risks that might be associated with the implementation.
CBN said it would apply regulatory framework and compliance mechanisms to prevent disruptive competition for the electronic money.
On the associated cost and risk of deploying/on-boarding a new payment platform, the bank explained that medium to long- term pay-off in increased efficiency of operations was expected to offset initial outlay.
It added that any risk of disintermediation would be addressed by the introduction of limits on the e-Naira holdings.
The document further stated that the introduction of the CBDC would, among other things, usher in new approaches to payment as well as bring about new bank and non- bank players in the financial system.
The digital currency regime would also introduce a new range of banking services and integration with new systems, providing new possibilities for the payment architecture.
According to the apex bank, the two-tiered model for CBDC would facilitate a public-private partnership arrangement whereby the CBN would design the e-Naira and distribute through regulated financial institutions, while the latter would in turn provide the digital cash to individuals and businesses
Essentially, under the e-Naira regime, individuals and businesses would be able to transfer value in real time through existing and future payment channels. People would also be able to transfer value in real time while offline to other persons and businesses.
According to the apex bank, the e-Naira would lower the cost of operations and cash management as well as improve visibility and insight of transaction date for financial institutions. It would also improve opportunities in the financial system, creating new business opportunities from emerging business models, financial products, and services.
Emefiele said if “you have some naira in your account and you choose to convert part of your naira into a digital wallet by way of a digital currency, we will support that.
“If, for instance, you have N10 million in your account. Of course, when this starts, the CBN will move some of the balances of banks with CBN to those banks in digital currency. So, you go to your bank, you have N10 million and you say you want to convert N2 million out of your N10 million into a digital currency. They will debit your account and move it to your wallet of N2 million digital currency, which you can spend across countries.”
He added, “We think that this is a noble idea and we are not the first…many other central banks are at advanced stages of revealing their own digital currencies. And our own digital currency, which is tagged e-Naira, will certainly come into operation, by the special grace of God, by October and we are working very hard for this.”
Emefiele also said, “We believe that transactions will be cheaper and more efficient, as there will be less to complete.”
He said as Nigeria moved to the digital economy, like the rest of the world, cash would not play in that space.
“Therefore, e-Naira, which will represent the digital equivalent of cash, will be used as the fiat currency to effect transactions,” he stated.
“And in terms of financial inclusion, we believe that with over 30 per cent of bankable adults still outside the financial system, the ability to have offline payment through our e-Naira initiative will bring most of them into the formal financial sector,” Emefiele said.
E-Financial
First Securities Brokers Empowers Nigerians to Trade in the Stock Market with the Launch of FirstInvest App
First Securities Brokers, one of Nigeria’s leading stockbroking firms and a subsidiary of FirstHoldCo Plc, is pleased to announce the official launch of the FirstInvest App, an innovative mobile investment platform designed to make stock market investing simpler, faster, and more accessible for Nigerians.
The FirstInvest App offers investors a seamless digital experience, enabling them to open and manage their investment accounts, monitor their portfolios, and trade equities listed on the Nigerian Exchange (NGX) directly from their mobile devices.
Designed with both new and experienced investors in mind, the platform combines convenience, security, and ease of use to help users make informed investment decisions anytime and anywhere.
As Nigeria continues to embrace digital financial services, the FirstInvest App reinforces First Securities Brokers’ commitment to driving financial inclusion and expanding access to wealth creation opportunities through technology.
Speaking on the launch, Fiona Ahmed Ahimie, Managing Director of First Securities Brokers, said: “The launch of the FirstInvest App represents another significant milestone in our digital transformation journey and our commitment to delivering innovative investment solutions to our clients.
“We understand that today’s investors value convenience, speed, and accessibility. FirstInvest has been developed to provide exactly that: a secure and intuitive platform that empowers individuals to participate confidently in the capital market from wherever they are.”
She added: “Our goal is to remove the traditional barriers associated with investing by placing the power of timely investment and decision making in the stock market directly in the hands of Nigerians. Whether you are taking your first investment step, actively managing your portfolio or just evaluating your investment, FirstInvest provides the tools and flexibility needed to support your financial aspirations.”
The app delivers a range of features designed to enhance your investing experience, including: Secure digital account opening and onboarding, Real-time access to investment portfolios, Buy and sell Nigerian equities with ease, User-friendly trading interface, Secure transaction processing, Convenient access to market information and investment opportunities.
The launch of FirstInvest aligns with First Securities Brokers’ broader strategy of leveraging technology to improve customer experience while supporting the growth of retail participation in Nigeria’s capital market.
First Securities Brokers remains committed to providing trusted investment advisory services, innovative financial solutions, and exceptional customer service, helping clients build and preserve wealth across generations. The FirstInvest App is now available for download on the Google Play Store and the Apple App Store.
The next currency crisis could accelerate the shift of the roughly $315 billion global stablecoin market into a digital-dollar alternative for citizens in emerging economies, notably in regions like sub-Saharan Africa and Latin America.
As local fiat currencies face devaluation and high inflation, citizens and businesses are increasingly utilizing smartphone-based stablecoins (such as USDT and USDC) as hedges and primary mediums of exchange.
According to the International Monetary Fund (IMF), the rapid adoption of dollar-linked digital assets—particularly in countries heavily affected by inflation like Nigeria—poses significant risks to monetary sovereignty.
With up to 95% of surveyed individuals in some African markets preferring to receive payments in stablecoins over local fiat, the rising volume of these decentralized, cross-border channels weakens domestic currency demand and dilutes the effectiveness of local monetary policy.
IMF observed in a report titled “Stablecoins in Nigeria: A Growing Cross-Border Channel” noted that the widespread use of stablecoins poses risks to monetary sovereignty, particularly as more individuals and businesses turn to digital dollar-linked assets for savings and transactions.
Nodding in agreement is Future Investment Initiative Institute (FII Institute), a non-profit organisation run by the Public Investment Fund, Saudi Arabia’s main sovereign wealth fund.
FII Institute said that central banks face structural challenges.
And according to the institute, when citizens move savings out of national banks and into private digital wallets, conventional capital controls lose their grip.
Institutions like the Bank for International Settlements warn that interest-bearing stablecoins compete directly with domestic-currency deposits, complicating financial oversight and making smartphone-based transfers incredibly difficult for authorities to monitor.
In Nigeria, Naira depreciation has pushed users toward dollar-stablecoins, according to report by Gino Matos in cryptoslate.com.
A stablecoin is a type of cryptocurrency designed to maintain a steady value by pegging its price to a reserve asset, such as a fiat currency (e.g., the U.S. dollar) or a commodity (e.g., gold).
They act as a bridge between traditional money and the digital asset world, providing the speed of crypto without the extreme price swings of assets like Bitcoin.
Federal government has reopened three federal government of Nigeria (FGN) bond issues valued at N1.2 trillion for subscription as part of efforts to raise long-term funds from the domestic debt market.
The Debt Management Office (DMO), which announced the offer on Tuesday, said the three reopened bond issues are each valued at N400 billion.
According to the DMO, the first offer is the January 2035 FGN Bond, a 10-year reopening, carrying an interest rate of 22.60 per cent per annum.
The second is the May 2028 FGN Bond, a 15-year reopening, with a coupon rate of 15.45 per cent per annum, while the third is the June 2037 FGN Bond, a 20-year reopening, also valued at N400 billion.
The office said the bond auction is scheduled for July 20, while successful subscriptions will be settled on July 22.
It explained that the bonds are offered at N1,000 per unit, with a minimum subscription of N50 million and additional investments in multiples of N1,000.
For the reopened bonds, the DMO said successful bidders would pay a price based on the yield-to-maturity that clears the auction, in addition to any accrued interest on the instruments.
Interest on the bonds will be paid every six months, while the principal will be repaid in full on the respective maturity dates.
The DMO reaffirmed that FGN bonds are backed by the full faith and credit of the Federal Government and constitute obligations chargeable on the general assets of the federation.
It added that the bonds qualify as trustee investment securities under the Trustee Investment Act and enjoy tax exemptions for eligible investors, including pension funds, under the Company Income Tax Act and Personal Income Tax Act.
The bonds are listed on the Nigerian Exchange (NGX) and FMDQ Securities Exchange and also qualify as liquid assets for banks in computing their liquidity ratios.
FGN bonds are long-term debt instruments through which investors lend money to the Federal Government in exchange for periodic interest payments and repayment of the principal at maturity.
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