The International Monetary Fund has examined the performance of Nigeria’s central bank digital currency over its first year and given it a mixed review.
Nigeria’s eNaira central bank digital currency is over a year old, and the International Monetary Fund has a late birthday present for it, in the form of a working paper assessing its first year of performance. “Laudable,”The eNaira was the world’s second CBDC, premiering in October 2021, after the Bahamian Sand Dollar.
The paper found its retail side were intermediated, but had no problems with latency, as it has yet to make its breakthrough beyond the initial adopters. The Central Bank of Nigeria’s introduced a phased introduction, which put off two of the CBDC’s biggest goals – extending financial inclusion to the unbanked and facilitating remittances, as determined by IMF officials.
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