IMF asks CBN to watch eNaira risks

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CBN unveils criteria for participation in 100 for 100 PPP
CBN unveils criteria for participation in 100 for 100 PPP
File: President Muhammadu Buhari with the Vice President Prof Yemi Osinbajo(SAN) and the CBN Governor Mr. Godwin Emefiele as President unveiled the eNaira at the State House Abuja.

By Emma Ujah – Abuja

The International Monetary Fund (IMF) has that the recently launched e-Naira has the potentials for Financial Inclusion and boost Diaspora remittances but could pose risks to Nigeria’s financial stability.

It therefore urged the Central Bank of Nigeria to watch the product with a view to properly managing risks that may arise from the initiative. 

On boosting remittances,  the fund said, “Nigeria is among the key remittance destinations in sub-Saharan Africa, with remittance receipts amounting to $24 billion in 2019. 

“Remittances typically are made through international money transfer operators (e.g., Western Union) with fees ranging from 1 per cent to 5 per cent of the value of the transaction.

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Source: Vanguard Newspaper

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