The International Monetary Fund (IMF) has revealed the steps it will take to help Nigeria make the new digital currency, eNaira, work. The Bretton Wood Institution said it would continue to make itself available to the country by providing technical assistance and policy advice. This disclosure is contained in an IMF report titled “Country Focus; Five Notes on the Nigerian Central Bank’s Digital Currency ”, by Jack Ree, Economist in the Africa Department of the IMF.
IMF in the report said that it has been involved in the eNaira rollout process, including with the provision of reviews of the product design.
IMF maintained that it is ready to collaborate with the authorities on data analysis, cross-country studies, sharing the eNaira experience with other countries and discussing further evolution of the digital currency, which includes design regulatory framework and other aspects.
The report reads, ‘’The IMF remains available to help with technical assistance and policy advice. The IMF’s Monetary and Capital Markets Department has been involved in the eNaira rollout process, including by providing reviews of the product design. The 2021 IMF Article IV mission emphasized the need for monitoring risks and macro-financial impacts associated with a central bank digital currency.
‘’The IMF is ready to collaborate with the authorities on data analysis, cross-country studies, sharing the eNaira experience with other countries, and discussing further evolution of the eNaira including its design, regulatory framework, and other aspects.’’