Nigeria’s digital naira: How would it work?

The naira is a product.

And no, I am not trying to sound like a “tech bro.”

You might not think of it this way, but our currency is a good (or service?). Just like a car, you only get the naira if you want it. Now of course, because you need naira to buy almost everything else, it is a highly desired good. That is why the Central Bank of Nigeria spends over ₦76 billion every year to print billions of naira notes.

By the end of 2019, there were almost 10 billion pieces of naira worth ₦2.4 trillion circulating around the economy. So yeah, it's a highly desired good.

From 1 kobo coins to ₦1,000 notes, the naira does everything you want from a currency. You can use it as a means of exchange for other goods, it can be used to store your value of wealth, and