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Nigeria’s eNaira, One Year After

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  • Jookyung Ree

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.

Suggested Citation

  • Jookyung Ree, 2023. "Nigeria’s eNaira, One Year After," IMF Working Papers 2023/104, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2023/104
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    Cited by:

    1. Constanza Martínez-Ventura & Julián A. Parra-Polania & Tatiana Mora-Arbeláez & Angélica Lizarazo-Cuéllar, 2023. "Expected Macroeconomic Effects of Issuing a Retail CBDC," Borradores de Economia 1247, Banco de la Republica de Colombia.
    2. Kevin Dowd, 2024. "So far, Central Bank Digital Currencies have failed," Economic Affairs, Wiley Blackwell, vol. 44(1), pages 71-94, February.

    More about this item

    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;
    All these keywords.

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