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IMF defends eNaira

President Muhamadu Buhari launching the eNaira.

The International Monetary Fund (IMF) says the eNaira will improve financial inclusion; thereby enabling up to 90% of mobile phone users adopt the currency.

The IMF made this known in a report titled ”Country Focus; Five Observations on Nigeria’s Central Bank Digital Currency.”

“For Now, the eNaira wallet is provided only to people with bank accounts, but its coverage is expected to eventually expand to anyone with a mobile phone even if they do not have a bank account,” The report said.

“A large number of people do not have bank accounts (38 million people; 36% of the adult population), and allowing those of them with a mobile phone to have access to the eNaira would increase financial inclusion and facilitate more direct and effective implementation of social transfers programs,” it added.

The IMF also stressed that the eNaira would bring transparency to informal payments and strengthen the tax base in a largely informal economy like Nigeria.