IMF Warns CBN as eNaira Transactions Hit N1.4m.

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Kristalina Georgieva, Managing Director of the International Monetary Fund, has warned of the unpredictable “consequences” central bank digital currencies could have for retail customers.

According to the IMF Executive Director, the IMF believes retail CBDCs have much more room for error than wholesale CBDCs. With the launch of her eNaira on October 25, 2021, Nigeria has become one of the first countries in the world to develop a central bank digital currency open to the public.

Central Bank of Nigeria defines eNaira as a Naira-denominated digital currency that serves as a medium of exchange and store of value. The CBN governor claimed that 33 banks had successfully integrated into his eNaira network and he minted Np 500 million for the top banks to issue the currency. 

Punch.

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