Article: Nigeria's digital currency in the global context: implications for the domestic socio-economic development Journal: Electronic Government, an International Journal (EG) 2024 Vol.20 No.5 pp.557 - 568 Abstract: Global economic relations have witnessed changes often caused by technological revolution and states have been responding as well, especially to the wave of digital money threatening the relevance of physical cash. The Central Bank of Nigeria (CBN) joined the league by introducing the e-Naira but can the CBN effectively manage the digital currency without allowing it to exert an adverse impact on the national socio-economic terrain in a continuously emerging volatile global business environment? This paper employs the analytical research design. The research findings revealed that e-naira is laden with benefits including engendering private-public sectors cooperation, promoting financial inclusion and aiding the implementation of government social safety net programmes amongst others but not without circumventing the threats of weakening monetary and fiscal policies, global competition and Diem stable coin. The paper recommends proactive measures to be taken by the CBN, amongst others, in tackling these threats to actualise the benefits. Inderscience Publishers - linking academia, business and industry through research

Title: Nigeria's digital currency in the global context: implications for the domestic socio-economic development

Authors: Samuel Sunday Idowu; Odunola Aikomo; David Kosoko; Joseph Oduntan

Addresses: Department of Political Science and International Relations, Caleb University, Imota, Lagos, Nigeria ' Department of Political Science and International Relations, Caleb University, Imota, Lagos, Nigeria ' Department of Political Science and International Relations, Caleb University, Imota, Lagos, Nigeria ' Department of Political Science and International Relations, Caleb University, Imota, Lagos, Nigeria

Abstract: Global economic relations have witnessed changes often caused by technological revolution and states have been responding as well, especially to the wave of digital money threatening the relevance of physical cash. The Central Bank of Nigeria (CBN) joined the league by introducing the e-Naira but can the CBN effectively manage the digital currency without allowing it to exert an adverse impact on the national socio-economic terrain in a continuously emerging volatile global business environment? This paper employs the analytical research design. The research findings revealed that e-naira is laden with benefits including engendering private-public sectors cooperation, promoting financial inclusion and aiding the implementation of government social safety net programmes amongst others but not without circumventing the threats of weakening monetary and fiscal policies, global competition and Diem stable coin. The paper recommends proactive measures to be taken by the CBN, amongst others, in tackling these threats to actualise the benefits.

Keywords: digital currency; e-Naira; globalising world; socio-economy; Nigeria.

DOI: 10.1504/EG.2024.140765

Electronic Government, an International Journal, 2024 Vol.20 No.5, pp.557 - 568

Received: 01 Sep 2022
Accepted: 13 Mar 2023
Published online: 02 Sep 2024 *

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Title: Nigeria's digital currency in the global context: implications for the domestic socio-economic development

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