Nigeria’s eNaira, One Year After

May 16, 2023

Preview Citation

Format: Chicago

Jookyung Ree. Nigeria’s eNaira, One Year After, (USA: International Monetary Fund, 2023) accessed December 21, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

This paper reflects on the first year of the eNaira—the first CBDC in Africa. Despite the laudable undisrupted operation for the first full year, the CBDC project has not yet moved beyond the initial wave of limited adoption. Network effects suggest the initial low adoption spell will require a coordinated policy drive to break it. The eNaira’s potential in financial inclusion requires a strategy to set the right relationship with mobile money, given the former’s potential to either complement or substitute the latter. Cost savings from integrating CBDC—as a bridge vehicle—in the remittance process may also be substantial.

Subject: Balance of payments, Blockchain and DLT, Central Bank digital currencies, Financial inclusion, Financial markets, Mobile banking, Remittances, Technology

Keywords: Blockchain, Blockchain and DLT, CBDC project, CBDC questionnaire, CBDC wallet, Central Bank digital currencies, Central Bank Digital Currency, Cost saving, ENaira overview, Financial inclusion, Global, Mobile banking, Mobile money, Remittance, Remittance process, Remittances, Sub-Saharan Africa

Publication Details

Pages:

46
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2023/104
Stock No:

WPIEA2023104
ISBN:

9798400241642
ISSN:

1018-5941

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