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[…]
Buhari claims that the e-Naira will make payments faster, safer, easier, and cheaper. President Muhammadu Buhari anticipates that the Central Bank Digital Currency (CBDC) would boost Nigeria’s GDP by $29 billion over the next ten years. After an initial delay, he officially introduced Nigeria’s digital currency, e-Naira, in Abuja on Monday, October 25, 2021. He claims that the currency can boost economic growth by increasing remittances, improving financial inclusion, and making monetary policy more effective. According to the president, he approved the e-Naira project because the usage of physical cash in conducting business and making payments is declining, necessitating the[…]