Technology / Central banks

Jookyung Ree on the eNaira, One Year After

Jookyung Ree

July 20, 2023

Andre M. Chang/ZUMAPRESS/Newscom

In This Episode

Nigeria’s eNaira was the first Central Bank Digital Currency in Africa and only the second in the world when it launched in October 2021, but a growing number of countries across the globe are now planning to follow suit with their own CBDCs. What can they learn from Nigeria’s experience? Jookyung Ree is an economist in the IMF African Department and assigned to Nigeria when the CBDC was introduced. Ree has since studied its impact on the economy and found that existing mobile money networks are proving a challenge to the eNaira’s adoptability. In this podcast, Ree says the eNaira will need to complement mobile money systems to convince more Nigerians to use it.  Transcript

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Jookyung Ree is an economist in the IMF African Department.

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Bruce Edwards

International Monetary Fund

Bruce Edwards produces the IMF podcast program. He's an award-winning audio producer and journalist who's covered armed conflicts, social unrest, and natural disasters from all corners of the world. He believes economists have an important role in solving the world's problems and aspires to showcase their research in every IMF podcast.