According to IMF Managing Director Kristalina Georgieva, the IMF is developing a framework for central bank digital currencies (CDBCs) to promote trade between nations. “CBDCs should not be a collection of disparate national proposals… Interoperability is necessary for more effective and equitable transactions, according to Georgieva, who spoke at a conference of African central banks…
Kenya’s central bank has asked the public to share their thoughts on the possibility of adopting a digital currency by May 20th, just one day after it was revealed that Zambia is also testing its viability. Nigeria was the first African country to launch its central bank digital currency (CBDC), dubbed the eNaira, in October…
The attempt by Africa to achieve economic and monetary union dates back many years. The African Continental Free Trade Area (AfCFTA), the world’s largest trade deal since the World Trade Organisation, was signed in 2018 by the continent’s leaders (WTO). The African Continental Free Trade Area (AfCFTA) is an agreement that aims to create a…
eNaira is more or less like a digital version of the physical Naira. It is a Central Bank Digital Currency (CBDC) issued by the Central Bank of Nigeria (CBN) and will exchange 1:1 to the physical Naira. The eNaira was launched by Nigeria’s President flanked by the VP and CBN Governor on October 25, 2021…
“New Zealand’s central bank is exploring the possibility of issuing a digital currency, saying the benefits it would bring include its potential use as a monetary policy tool,” reports Bloomberg. The central bank cites “the declining use, acceptance and availability of cash in New Zealand, and emerging innovations in private money, namely stablecoins.”While developing a central…
Exactly three days before the official launch of Nigeria’s digital currency called eNaira, the Central Bank of Nigeria opens the website. Before now, CBN governor, Godwin Emefiele, had announced that the eNaira would be launched officially on Independence day, October 1st, 2021. According to the CBN, the digital currency is a legal tender just like…