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The e-naira central bank digital currency has been credited with reducing the financial inclusion gap. However, there are concerns regarding its impact on financial stability. Additionally, the central bank anticipates that the CBDC will expand the deposit base of banks and enhance their stability.
The @cenbank has shared its reflections on the e-naira project after two years of #CBDC operation.
Launched to promote financial inclusion, the e-naira offers amazing opportunities.
Here are the 9 lessons learned and the future prospects for Nigeria: https://t.co/D8JqAOODay
— CryptoTvplus (@Cryptotvplus) September 25, 2023
The topic at hand is financial inclusion in Nigeria.
According to a study conducted by the Central Bank of Nigeria (CBN), the e-naira, the country’s central bank digital currency (CBDC) that has been in circulation for two years, may pose a risk to financial stability.
Although the e-naira has the potential to increase Nigeria’s financial inclusion rate from 64.1% in 2021 to the 95.0% target by 2024, it has not been widely adopted by the Nigerian population since its launch in October 2021.
"Arambai did the honor killing"?? Such shameless ,blatant lies. Swear in the name of your lord that what you've said is true. My name is my name, bengali or Bolivian, it doesn't matter. Do not deflect from the topic at hand.
— theBatman (@sukumar_sapam) September 27, 2023
Despite the low download rate of the e-naira app, which was reported by Bitcoin.com News in August 2022, the CBN continues to promote it and offer incentives to potential users.
Various approaches to maintaining a steady deposit foundation for banks
The Central Bank of Nigeria (CBN) has stressed the significance of expanding financial inclusion as a key benefit of the Central Bank Digital Currency (CBDC).
According to their report on the “Economics of Digital Currencies,” the introduction of the e-naira USSD code for non-smartphone users has boosted e-naira transactions. Moreover, the CBDC is expected to improve the stability and size of banks’ deposit base, as per the central bank.
According to recent reports, the Central Bank of Nigeria (CBN) has expressed concerns about the potential destabilization of the banking system due to the conversion of bank deposits to e-naira, despite the possible advantages that a CBDC may bring.
The CBN report cited the rapid growth in bank deposit conversions to e-naira since its introduction, which has averaged 78.3 per cent per month and reached a total of N1.66 billion ($2.1 million).
in my opinion CBN will be harassed with the help of committed police.detailed pointwise reduttal with facts(not opinions) is overdue from TDP. it should address all points cited by CID/GST and Siemens HO invesgtn report is missing (shown by govt pleader).
the above is crucial.— Ghouse (@ghouse_hyd) September 22, 2023
Additionally, the naira’s circulation as a proportion of average banking system liquidity has averaged 0.1 per cent and peaked at 0.2 per cent in May and August of 2022. The CBN also warned that a CBDC could potentially reduce banks’ non-interest income and increase the risk of cyberattacks.
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