IMF sees room for eNaira improvement in first year assessment

The world’s second-ever CBDC has yet to reach 1% of Nigeria’s population, according to the IMF assessment.

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Nigeria’s eNaira central bank digital currency (CBDC) is over a year old, and the International Monetary Fund (IMF) has a late birthday present for it, in the form of a working paper assessing its first year of performance. “Laudable,” said IMF researchers, but there were a few suggestions too.

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 (CBN’s) introduced a phased introduction, which put

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