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Using eNaira CBDC to Solve Economic Problems in Nigeria
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Author(s): Peterson K. Ozili (Central Bank of Nigeria, Nigeria)
Copyright: 2023
Pages: 11
Source title:
Revolutionizing Financial Services and Markets Through FinTech and Blockchain
Source Author(s)/Editor(s): Kiran Mehta (Chitkara Business School, Chitkara University, India), Renuka Sharma (Chitkara Business School, Chitkara University, India)and Poshan Yu (Soochow University, China & European Business Institute, Luxembourg & Australian Studies Centre, Shanghai University, China)
DOI: 10.4018/978-1-6684-8624-5.ch010
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Abstract
This chapter discusses how the eNaira central bank digital currency (CBDC) might be used to solve some economic problems in Nigeria. It presents the eNaira as a payment option, a monetary policy tool, and a financial stability tool to solve some economic problems in Nigeria. The author shows that the eNaira can be instrumental in solving fiscal revenue challenges, controlling inflation, increasing foreign exchange accretion, managing exchange rate, addressing food insecurity, reducing financial stability risks, reducing poverty level, and recovering from a recession. The implication is that the eNaira can support the monetary, fiscal, and regulatory authorities in preserving macroeconomic stability. However, a trade-off might arise among policy objectives if the eNaira cannot achieve multiple policy objectives at the same time.
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