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Thursday, December 1, 2022

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.  

 

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