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Redesigning the eNaira Central Bank Digital Currency (CBDC) for Payments and Macroeconomic Effectiveness

In: Smart Analytics, Artificial Intelligence and Sustainable Performance Management in a Global Digitalised Economy

Author

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  • Peterson K. Ozili

Abstract

Purpose:Central bank digital currency (CBDC) is non-physical or the digital equivalent of physical money issued by a central bank. Nigeria became the first African country to issue a CBDC, popularly known as the eNaira. This chapter highlights the redesign features that eNaira should possess to offer payment solutions and macroeconomic stability effectively. Methodology:The chapter used discourse analysis to highlight the features the eNaira should possess. Findings:The chapter suggests that the eNaira should have an interest-bearing status, have enhanced security features, and offer zero transaction costs on eNaira transactions. These are design features which the eNaira presently lacks. Originality:This chapter is the first to suggest redesign features for an already issued CBDC. It is also the first to highlight the design features of a CBDC in the African continent.

Suggested Citation

  • Peterson K. Ozili, 2023. "Redesigning the eNaira Central Bank Digital Currency (CBDC) for Payments and Macroeconomic Effectiveness," Contemporary Studies in Economic and Financial Analysis, in: Smart Analytics, Artificial Intelligence and Sustainable Performance Management in a Global Digitalised Economy, volume 110, pages 189-197, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:csefzz:s1569-37592023000110b012
    DOI: 10.1108/S1569-37592023000110B012
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