Nigeria’s eNaira, One Year After

Nigeria’s eNaira, One Year After
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Volume/Issue: Volume 2023 Issue 104
Publication date: May 2023
ISBN: 9798400241642
$20.00
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Topics covered in this book

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Exports and Imports , Finance , Economics- Macroeconomics , Economics / General , 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

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.