Nigerias Enaira One Year After

Download or read book Nigeria’s ENaira, One Year After written by Jookyung Ree and published by International Monetary Fund. This book was released on 2023-05-16 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.