{"id":205216,"date":"2021-11-22T08:00:40","date_gmt":"2021-11-22T08:00:40","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=205216"},"modified":"2024-03-01T16:29:45","modified_gmt":"2024-03-01T16:29:45","slug":"nigerias-enaira-stablecoin-becomes-focus-of-new-imf-report","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/nigerias-enaira-stablecoin-becomes-focus-of-new-imf-report\/","title":{"rendered":"Nigeria\u2019s eNaira stablecoin becomes focus of new IMF report"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Nigeria\u2019s central bank digital currency project, eNaira, is drawing attention and interest of leading financial institutions and it also gaining traction amongst other country\u2019s central banks looking to initiate a similar project according to a <\/span><a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2021\/11\/15\/na111621-five-observations-on-nigerias-central-bank-digital-currency\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\"> released by the International Monetary Fund (IMF)<\/span><\/p>\n<h2><b>eNaira to boost remittance<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The report, authored by economist Jack Ree, explained why Nigeria\u2019s eNaira has lately been drawing interest from around the globe. According to the report, one of the reasons for the interest in the project is because of the control the Nigerian apex bank has over the digital currency, unlike other crypto assets.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It continued that unlike volatile digital coins like Bitcoin, Ethereum, and others whose value, funnily, have been depreciating in the past few days, the eNaira\u2019s value is tied to that of the physical naira.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Keying into Nigeria\u2019s central bank claim that the CBDC project would boost remittance and at the same time lead to an increase in financial inclusion for the West African country, IMF in its report said;<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">The e-naira is expected to lower remittance transfer costs, making it easier for the Nigerian diaspora to remit funds to Nigeria by obtaining eNaira from international money transfer operators and transferring them to recipients in Nigeria by wallet-to-wallet transfers free of charge.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">However, despite all of these positives, the report identified that the eNaira could pose some risks for the monetary policy implementation of the country. The report explicitly stated that the \u201ceNaira wallets may be perceived, or even effectively function, as a deposit at the central bank, which may reduce demand for deposits in commercial banks.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Apart from that, other challenges the project faces include the \u201cneed to manage cybersecurity and operational risks associated with the eNaira.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You\u2019ll recall that we <\/span><a href=\"https:\/\/cryptoslate.com\/nigerias-central-bank-orders-closure-of-crypto-related-accounts\/amp\/\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> that Nigeria has continued working on its eNaira project and despite the early challenges faced by the project, over 400,000 wallets have been registered on the project.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria\u2019s central bank digital currency project, eNaira, is drawing attention and interest of leading financial institutions and it also gaining traction amongst other country\u2019s central banks looking to initiate a similar project according to a report released by the International Monetary Fund (IMF) eNaira to boost remittance The report, authored by economist Jack Ree, explained [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":205226,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77911,32631],"tags":[76949,77123,76820],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nigeria\u2019s eNaira stablecoin becomes focus of new IMF report<\/title>\n<meta name=\"description\" content=\"Leading world financial organization, the International Monetary Fund (IMF) has released its observations on Nigeria&#039;s eNaira project.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/nigerias-enaira-stablecoin-becomes-focus-of-new-imf-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s eNaira stablecoin becomes focus of new IMF report\" \/>\n<meta property=\"og:description\" content=\"Leading world financial organization, the International Monetary Fund (IMF) has released its observations on Nigeria&#039;s eNaira project.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/nigerias-enaira-stablecoin-becomes-focus-of-new-imf-report\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-22T08:00:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-01T16:29:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/11\/imf-enaira.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/nigerias-enaira-stablecoin-becomes-focus-of-new-imf-report\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/nigerias-enaira-stablecoin-becomes-focus-of-new-imf-report\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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