## Nigeria’s eNaira, One Year After

_IMF Working Papers, May 16, 2023_

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**Canonical URL:** [Nigeria’s eNaira, One Year After](https://www.imf.org/en/publications/wp/issues/2023/05/16/nigerias-enaira-one-year-after-533487)

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## Bibliographic details
- Authors: Jookyung Ree
- Published: May 16, 2023
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9798400241642.001

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### Key findings
- The eNaira is the first CBDC in Africa.
- The project achieved undisrupted operation for the first full year.
- Adoption remains limited and has not moved beyond the initial wave of limited adoption.
- Network effects imply that the initial low adoption spell will require a coordinated policy drive to break it.
- The eNaira can either complement or substitute mobile money; realizing financial inclusion potential requires a strategy to set the right relationship with mobile money.
- Cost savings from integrating CBDC—as a bridge vehicle—in the remittance process may be substantial.

### Policy implications and recommendations
- Implement a coordinated policy drive to overcome initial low adoption stemming from weak network effects.
- Develop a clear strategy defining how the eNaira should interact with mobile money to maximize financial inclusion and avoid harmful substitution effects.
- Explore integration of the eNaira into remittance corridors as a bridge vehicle to capture potential cost savings in the remittance process.

### Research and operational considerations
- Monitor adoption metrics beyond the initial wave to assess effectiveness of policy interventions targeting network effects.
- Evaluate comparative outcomes when the eNaira complements versus substitutes mobile money services.
- Quantify remittance cost savings from CBDC integration in operational pilots to inform scale-up decisions.

*IMF Working Paper No. 2023/104*

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_Source: https://www.imf.org/en/publications/wp/issues/2023/05/16/nigerias-enaira-one-year-after-533487_