32.4 C
Friday, March 1, 2024

As eNaira strives, US investigates benefits

Nigeria made history by being the first African country to establish a CBDC, the eNaira. Following this breakthrough, a number of nations have expanded their efforts to explore the CBDC region, including the United States. 

On Thursday, the Federal Reserve Board released a discussion paper that examines the advantages and disadvantages of a proposed US central bank digital currency or CBDC. 

It invites public input and is the first step in a discussion regarding whether and how a CBDC may improve the safety and efficacy of the domestic payments system. The document makes no recommendations for a specific policy result.  

While adopting an official digital version of the US dollar might speed up payments and provide families with a secure choice as payments technology develops, the Federal Reserve warned in a long-awaited discussion paper that it would also bring financial stability risks and privacy issues. 

As of mid-December 2021, the eNaira platform has logged over 34,000 transactions totaling over N188 million ($452,124.94), making it Africa’s first digital currency. 

According to the CBN, over 488,000 consumers have downloaded the consumer wallet, and over 78,000 businesses from over 160 countries have joined.  




Uganda sued over digital ID scheme that excludes millions

Otajar John jumped at the chance to apply when...

AFC supports Africa’s economic recovery with $2 billion facility

Africa Finance Corporation (AFC) is creating a $2 billion...

FCCPC requests stop to proposed airline shutdown

The Federal Competition and Consumer Protection Commission (FCCPC) has...

OPEC: Nigeria’s crude oil output fell to 1.354 million barrels in March

According to OPEC, Nigeria's crude oil output would fall...

Number of impoverished Nigerians is expected to reach 95.1 million by 2022- World Bank

This was revealed in the bank's poverty assessment study,...