Nigeria has one of the largest informal economies in the world. The size of the country’s informal economy is estimated to be 57.7%, which represents approximately $1,116 billion at GDP PPP levels. The e-Naira could help in alleviating the issues of tax revenue mobilisation by giving access to millions of adults who have no means to access financial institutions, thereby promoting financial inclusivity.
The economic potential of the e-Naira cannot be overstated but despite its launch in October 2021, skepticism and poor public information have fueled its low acceptance and adoption.
There has been a lot of buzz about Central Bank Digital Currencies or CBDCs in recent years. Policy makers and the media have touted the many opportunities and challenges this technology has. In truth, the astronomic rise of cryptocurrencies has led 112 countries to research how digital currencies could be the future of the monetary system and effectively transform global trade as we know…
