International Monetary Fund: e-Naira may reduce the cost of remittances by expatriates

On November 17th, the International Monetary Fund (IMF) released a report “International Monetary Fund Country Focus” stating that Nigeria’s central bank digital currency e-Naira may reduce the cost of remittances to Nigeria each year. In addition, Jack Ree, head of the African Department of the IMF, said that exchange rate reforms, including a unified market clearing rate and narrowing the gap between official and parallel market exchange rates, will increase the motivation to use e-Naira wallets for remittances. It also stated that it is ready to cooperate with Nigeria in data analysis, cross-border research, sharing e-Naira experience with other countries, and discussing the further development of e-Naira (including its design, regulatory framework and other aspects). (The Nation)

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