Authors: Ugochukwu Nwaokike, Ibukun Adebara

The CBN, like other Central Banks globally, has commenced preparation for the issuance and operation of Central Bank-issued Digital Currency (CBDC). This project is driven by a collaboration between the CBN and its technical partner, Bitt. Inc. 

A CBDC is a digital representation of a fiat currency, denominated in an existing unit of account, which serves both as a medium of exchange and a store of value. Most existing CBDC plans envision improved payment efficiency (including new monetary policy transmission channels), financial inclusion, safety, privacy and compliance.  

Click here to download a comprehensive infographic of the e-Naira