HomeCBDCIMF CBDCNigeria's Enaira: A Year Later

Nigeria’s Enaira: A Year Later

This paper examines the performance of the eNaira, the first Central Bank Digital Currency (CBDC) in Africa, during its first year of operation. Despite operating smoothly without any disruptions, the adoption of the eNaira has been limited. To overcome this, a coordinated policy effort is needed to encourage wider adoption. Additionally, the eNaira has the potential to enhance financial inclusion, but it is crucial to establish a strategic relationship with mobile money services, as they can either complement or substitute each other. Furthermore, integrating the CBDC into the remittance process can lead to significant cost savings.

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