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Nigeria’s eNaira, One Year After
Author:
Jookyung Ree
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Series:
IMF Working Papers
Volume/Issue:
Volume 2023: Issue 104
Language:
English
Publication Date:
16 May 2023
DOI:
https://doi.org/10.5089/9798400241642.001
ISBN:
9798400241642
ISSN:
1018-5941
Pages:
46
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
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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.
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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund