IMF Praises Nigeria’s National Digital Currency

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The IMF has released a report on Nigeria’s Central Bank Digital Currency (CBDC) eNaira, applauding the workforce of the authorities.

It was found that less than 1% of open bank accounts in the country have been linked with a CBDC digital wallet. Moreover, the report stated that only 1.5% of wallets have been active in the past 12 months. Over that period, 802,000 transactions have been made.

The IMF believes that in order for the use of eNaira to spread, a combination of smart strategies and luck should be employed.

An access to the service for non-financial institutions should also be organized. Additionally, the complexities of remittances must be addressed.

Establishing connection with electronic money services is recommended to facilitate the adoption of eNaira.

Furthermore, the ability of foreign counterparties to access the assets of the CBDC is currently hindered.