Chapter2022

Central Bank Digital Currency in Nigeria: Opportunities and Risks

47 citations0/0 files storedContemporary studies in economic and financial analysis

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Digital Transformation in Financial Services Blockchain Technology Applications and Security FinTech, Crowdfunding, Digital Finance

Abstract

Purpose: Nigeria is the first African country to issue a central bank digital currency (CBDC) or fiat digital currency. The eNaira CBDC was issued as a money equivalent to be used along with paper Naira. This chapter identifies the features, opportunities and risks of the CBDC in Nigeria, also known as the eNaira.Method: This chapter uses the discourse analysis method to assess the opportunities and risks of CBDC.Findings: The opportunities which CBDC present to Nigeria include improved monetary policy transmission, convenience, efficient payments and increased financial inclusion. Some identified risks include digital illiteracy, increased propensity for cyber-attacks, data theft and the changing role of banks in a full-fledged CBDC economy.Originality: This chapter contributes to the literature by evaluating the pros and cons of fiat digital currency such as a CBDC.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 47 citations exist upstream.

References

2020Assessing the Impact of Central Bank Digital Currency on Private Banks 2021Central bank digital currency and monetary policy 2021Central Banks Digital Currency: Detection of Optimal Countries for the Implementation of a CBDC and the Implication for Payment Industry Open Innovation

Cited by

2023eNaira Central Bank Digital Currency (CBDC) for Financial Inclusion in Nigeria 2023A Survey of Central Bank Digital Currency Adoption in African Countries 2023Exploring Cross-Border Digital Assets Flows and Central Bank Digital Currency Risks to Capital Markets Financial Stability 2024Multi-central bank digital currencies arrangements: a multivocal literature review 2024Does institutional quality matter for central bank digital currency adoption?2024Harnessing digital technologies for triple bottom line sustainability in the banking industry: a bibliometric review 2025Evaluating the acceptance of CBDCs: experimental research with artificial intelligence (AI) generated synthetic response 2024The democratization of digital currency in Nigeria: A sentiment analysis of eNaira app usability

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.