Nigeria’s eNaira, One Year After
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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.
Series:
Working Paper No. 2023/104
Subject:
Balance of payments Blockchain and DLT Central Bank digital currencies Financial inclusion Financial markets Mobile banking Remittances Technology
Frequency:
regular
English
Publication Date:
May 16, 2023
ISBN/ISSN:
9798400241642/1018-5941
Stock No:
WPIEA2023104
Format:
Paper
Pages:
46
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