Munich Personal RePEc Archive

Central bank digital currency in Nigeria: opportunities and risks

Ozili, Peterson K (2021): Central bank digital currency in Nigeria: opportunities and risks. Forthcoming in:

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Nigeria became the first African country to issue a central bank digital currency (CBDC) or fiat digital currency. It was pioneered by Project Giant. This paper discussed the features, opportunities and risks of the central bank digital currency (CBDC) in Nigeria, also known as the eNaira or e-Naira. The opportunities which CBDC present to Nigeria include, improved monetary policy transmission, efficient payments and increased financial inclusion. Some of the identified risks include rising digital illiteracy, increased propensity for cyber-attacks, data theft, and the uncertain role of banks in a full-fledged CBDC economy. This article contributes to the literature by evaluating the pros and cons of fiat digital currency such as a central bank digital currency.

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