Nigeria launches ‘digital naira’ pilot
Central bank issues $1.2 million in retail CBDC after clampdown on private crypto
The Central Bank of Nigeria formally introduced eNaira, a pilot retail central bank digital currency (CBDC) on October 25.
Nigeria, Africa’s largest country by population, becomes the first on the continent to introduce a pilot CBDC. The amount of electronic currency currently issued is tiny in proportion to Nigeria’s GDP, which was estimated at $432 billion in 2020 by the World Bank.
Central bank governor Godwin Emefiele said that the CBN had produced 500 million eNaira, equivalent to $1.22
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact customer services - www.fx-markets.com/static/contact-us, or view our subscription options here: https://subscriptions.fx-markets.com/subscribe
You are currently unable to print this content. Please contact customer services - www.fx-markets.com/static/contact-us to find out more.
You are currently unable to copy this content. Please contact info@fx-markets.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@fx-markets.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@fx-markets.com
More on Infrastructure
Cross-currency futures could ease bilateral burden – CME
Quarterly €STR-vs-SOFR contract could be used by Stir desks to manage currency basis risk
Consortium-backed FMX eyes push for FX unit
Formerly Fenics FX, the venue has seen growth from dealers and non-banks using its pegged order types and dark pool liquidity
Digital euro can fill market gap, panellists say
Representatives from central banks and industry discuss use cases for retail and wholesale CBDCs
LSEG shelves replatforming project for FX Matching venues
After EBS migration, dealers had little appetite for another major technology project
Dealers weighing response to FXGO’s fee plans
Spread compression means costs will likely have to be passed on to clients, say banks
BlackRock exec pushes for FX swaps Clob
FX head Chaudhry says all-to-all venue could boost TCA, price discovery and spur algo trading
FXGO eyes platform upgrades with new fee model
Bloomberg’s brokerage charges will fund upcoming automation and TCA projects
A tech revolution in an old-school industry
MillTechFX’s Eric Huttman makes the case for doubling down on new technology and embracing automation in FX.
