Nigeria’s eNaira, One Year After

Jookyung Ree

No 2023/104, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: Central Bank Digital Currency; financial inclusion; remittance; blockchain; mobile money; CBDC project; remittance process; cost saving; eNaira overview; CBDC questionnaire; CBDC wallet; Mobile banking; Central Bank digital currencies; Remittances; Blockchain and DLT; Global; Sub-Saharan Africa (search for similar items in EconPapers)
Pages: 46
Date: 2023-05-16
New Economics Papers: this item is included in nep-afr, nep-ban, nep-fdg, nep-fle, nep-mon and nep-pay
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