The Central Bank of Nigeria’s measures to ensure the stability of the Naira has not yielded the expected results. This was revealed in a Global Finance article titled “Central Banker Report Cards 2021: The Art Of Timing.” In the report card ranking, Emefiele-led CBN was given a “C” grade for performance, the same mark as last year. Last year, central bank governors were on high alert as a worldwide health crisis jeopardized both fiscal and physical health.
The International Monetary Fund (IMF) has acknowledged that numerous international institutions, including central banks, are showing interest in the newly released Nigerian central bank digital money (CBDC). However, the CBDC is not recommended for monetary policy execution, cybersecurity, financial stability, or operational resilience. In its most recent country focus report, prepared by economist Jack Ree, the IMF explains why Nigeria’s new CBDC has piqued the interest of the international community, particularly central banks. According to the study, unlike other cryptocurrencies like as bitcoin and ethereum, the e-naira is subject to tight central bank access rights control. The CBDC derives its[…]
Following President Muhammadu Buhari’s inauguration of the eNaira, the CBN’s digital currency application is now accessible for download. CBN stated that the programs had acquired over 5,000 downloads within hours of their release. This comes as the apex bank issued regulatory guidelines stating that costs for transactions originating from the eNaira platform will be waived for the first 90 days beginning Oct. 25. Following this period, applicable charges listed in the Guide to Charges by Banks, Other Financial, and Non-bank Financial Institutions shall take effect. As of 4 p.m., the eNaira speed wallet app for individuals had received over 5000[…]