{"id":79023,"date":"2023-05-19T16:20:16","date_gmt":"2023-05-19T13:20:16","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79023"},"modified":"2025-09-11T08:37:59","modified_gmt":"2025-09-11T05:37:59","slug":"imf-applauds-nigerias-cbdc","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/imf-applauds-nigerias-cbdc\/","title":{"rendered":"IMF applauds Nigeria’s CBDC"},"content":{"rendered":"

The International Monetary Fund (IMF) has published a report<\/a> on Nigeria’s central-bank digital currency (CBDC<\/a>). Its authors praised the authorities for their work.<\/p>\n

The country launched<\/a> eNaira<\/span> in October 2021. According to the IMF, only 1.5% of wallets were active every week over the past 12 months. During the 12-month period, 802,000 transactions were conducted.<\/p>\n

Less than 1% of open bank accounts in the country have a linked digital wallet for the CBDC.<\/p>\n

\n

\u201cAs with any network-based product with similar characteristics, such as credit cards, overcoming the initial hurdle of low take-up requires a combination of well-considered strategies and luck,\u201d the IMF said.<\/p>\n<\/blockquote>\n

According to the document, Nigeria has successfully carried out the initial stages of integrating the technology. However, the country has yet to provide access to the service for non-financial institutions, and the money-transfers process remains too complex.<\/p>\n

The IMF recommended that the country engage with operators of electronic money services. In the Fund’s view, such a move would help broaden the adoption of the eNaira.<\/p>\n

It also faces issues in the global market, as overseas counterparties cannot access the assets. The report’s authors proposed creating suitable wallets for international money-transfer operators or resorting to intermediaries.<\/p>\n

Earlier the IMF warned<\/a> that the digital naira could pose money-laundering and terrorist-financing risks. The organisation’s experts saw similar threats in cross-border use of the asset.<\/p>\n

In December 2022, Nigerian authorities introduced<\/a> limits on cash withdrawals as part of promoting cashless alternatives and expanding the use of the CBDC.<\/p>\n

In March 2023, it emerged that the Central Bank of Nigeria’s decision to replace old notes amid high inflation led to cash shortages and an increase in eNaira transactions<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The International Monetary Fund (IMF) has published a report on Nigeria’s central-bank digital currency (CBDC). Its authors praised the authorities for their work.<\/p>\n","protected":false},"author":1,"featured_media":79024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,204,150],"class_list":["post-79023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-imf","tag-nigeria"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=79023"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79023\/revisions"}],"predecessor-version":[{"id":79025,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79023\/revisions\/79025"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/79024"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=79023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=79023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=79023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}