The Central Bank of Nigeria (CBN) is taking proactive steps to enhance the adoption and activity of its Central Bank Digital Currency (CBDC), also known as the e-naira, as it acknowledges the currency has not yet reached its expected potential. Acting governor Folashodun Shonubi revealed the CBN’s efforts to amend the CBDC model, aiming for a surge in wallet holders and activity.
During the recent meeting of the central bank’s monetary policy committee, Shonubi expressed the need for modifications to the existing CBDC model. Despite the initial hype, the digital currency did not witness widespread adoption among Nigerian residents even a year after its launch. The deputy governor, Kingsley Obiora, had previously suggested that the CBDC required additional support from the government.
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The upcoming amendments to the CBDC model indicate the CBN’s determination to address its shortcomings and create a more attractive and user-friendly digital currency. However, the acting governor did not specify a definitive timeline for completing this process.
Apart from optimizing the CBDC model, the CBN remains committed to controlling inflation in the country. The monetary policy committee is diligently utilizing various tools to reduce liquidity and stabilize inflation rates. By employing a combination of fiscal measures, the central bank aims to mitigate the impacts of rising inflation on the economy.
One of the major challenges faced by the Nigerian economy is the ongoing foreign exchange crisis, which has led to a significant depreciation of the local currency. In light of this, Shonubi assured the public that the CBN is actively working towards making the forex market more efficient and effective in coping with the high demand for foreign exchange. However, he also urged patience, recognizing that resolving the crisis would require well-planned and strategic measures.
Earlier this year, the CBN embarked on a search for a new technology partner to replace its current provider, Bitt Inc., based in Barbados. The intention was to find a more suitable technology solution that grants the central bank greater control over the CBDC infrastructure. As the CBN explores better options, it shows its commitment to establishing a robust and adaptable digital currency ecosystem.
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In conclusion, the Central Bank of Nigeria is taking significant strides towards optimizing its CBDC model to attract more wallet holders and enhance overall usage. This move comes after the digital currency failed to meet the initial expectations in terms of adoption. Additionally, the CBN remains focused on stabilizing inflation and implementing measures to tackle the foreign exchange crisis. As the regulatory authorities work diligently to address these challenges, they call for understanding and patience from the public.
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