With an October date set for the pilot stage of the e-Naira, Central Bank of Nigeria’s planned digital currency, financial technology specialists have
The proposed eNaira is a type of Central Bank Digital Currency which over 80 per cent of central banks across the world are currently exploring. CBDCs are new variants of central bank fiat money that are different from physical cash and reserves/settlement accounts.
Currently, three countries, the Bahamas, Eastern Carribean and China, have begun the use of CBDCs, while Canada, South Africa, Japan, Ecuador, Sweden, Singapore and Hong Kong are already at advanced stage. The United States, Great Britain, Jamaica, United Arab Emirates as well as Mexico are still at the research stage. The role of cash is declining, giving impetus to digital currencies.
While noting that the digital currency would make it easier to transfer remittances into the country, lead to creation of job and allow new ways for digital services in the country, he said “digital currency, like cryptocurrency, is not built in few months. “The October date may not be feasible. China has been on its own for the past five years before it came to the market, so we need to plan very well before taking a decision as this will be better for the country and everybody,” Fanawopo said.
Executive managing director of the Clearing House, Robert Hunter, in an interview quoted by PaymentsDive, noted that while it is not opposed to the idea of a CBDC, it views the real-world possibility of a U.S. CBDC as fraught with questions about its potential purpose, design and risks. “Our target for this year was to achieve 80 per cent of financial inclusion and we are at about 60 per cent now and at the rate that we are going we are not likely to meet this target.
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