World Bank

Dearth of digital infrastructure stifled CBN’s Naira redesign policy – World Bank

Advertisements

World Bank has said that Nigeria needs adequate digital and financial infrastructure to support a swift transition to a cashless economy, adding further that this was one of the reasons the country’s Central Bank’s Naira redesign policy faced numerous challenges in its implementation.

World Bank on glass building. Mirrored sky and city modern facade. Global capital, business, finance, economy, banking and money concept 3D rendering animation.

According to the bank, in its recently-released ‘Nigeria Development Update (June 2023): Seizing the opportunity’ report, the Naira redesign policy led to a scarcity of cash and negatively impacted economic activity in the early months of 2023.

“The short transition period of the naira redesign was insufficient for the CBN to replace the demonetized old notes with new ones, leading to a cash scarcity.

“The lack of adequate digital and financial infrastructure and processes to support a swift transition to a cashless economy- coupled with the fact that only 40 percent of adults have a bank account-further exacerbated the situation. The cash shortage resulted in a black market for new notes, inflating overall transaction costs.”

The Washington-based bank noted that the adverse shock to economic activity was further intensified by reversals in policy decisions and conflicting positions between states and the Federal Government, the CBN, and the Supreme Court.

It highlighted that non-oil-non-agriculture GDP declined from an average quarterly growth rate of 6.0 percent in 2022 to 3.9 percent y-o-y in Q1 2023.

“Firms reported that the inability to secure regular funding and operating cash for expenditures, combined with rising prices and fuel shortages, led to a decline in demand.”

However, during the naira redesign policy, electronic payments grew in the country, the World Bank said, despite numerous failed transactions.

By ending of 2022, the CBN announced a naira redesign policy, set withdrawal limits, and encouraged Nigerians to adopt electronic forms of transactions.

It said, “Customers should be encouraged to use alternative channels (Internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.”

By January 2023, according to new data from the Nigeria Inter-Bank Settlement System, total cashless transactions rose by 45.41 percent y-o-y to N39.58tn in January 2023. In February it fell to N37.67tn, despite a 41.29 percent month-on-month usage increase.

The CBN has a plan to reduce cash payments by 2025 and expects mobile payments to become a more prominent feature.

Advertisements

Leave a Reply

Your email address will not be published. Required fields are marked *

https://manggala.bumiratu-pringsewu.desa.id/
IDBET
IDBET
IDBET
IDBET
IDBET
IDBET
HALOJP
Slot Gacor
HALOBET
HALOBET
HALOBET
HALOBET
HALOBET
HALOBET
HALOBET
HALOBET
halobet
slot gacor
Situs Slot
luxury138
luxury138
https://linklist.bio/beta138
https://linklist.bio/slot88_resmi
https://linklist.bio/togelresmi
halobet
halobet
https://www.jurnalkommas.com/docs/Jurnal/
https://pegbintangkab.go.id/tentang-kami/tentang-pegunungan-bintang/
https://heylink.me/halobet/
https://www.bomba.gov.my/wp-content/uploads/2025/03/BAB-10-NOTA-ALAT-PEMADAM-API.pdf
Halobet
SLOT88
Halobet
Halobet
SLOT88
https://speizy.com/garajeshttps://disruptivetechnews.com/big_news/citibank-singapore-launches-citi-plus/https://www.internationalperformingartsinstitute.com/fundraising-tipshttps://fellowshipofthesun.org/everything-you-need-to-know-about-wells-fargo-card-activation/http://www.kyoto-osaka.com/guide/spot/0030_rockethiroba.htmlhttps://ekenstam.com/om-ekenstam/https://www.keris-stainton.com/about.htmlBETA138
BETA138
BETA138
BETA138
BETA138
BETA138
BETA138
BETA138
BETA138
BETA138
https://birchfamilyservices.org/birch-family-services/
https://hotelviladosorixas.com/
https://rhopen.com.br
https://celg.org.br/slot gacor
slot gacor
slot gacor
slot gacor
slot gacor
slot gacor
slot gacor
slot gacor
slot gacor
slot gacor
slot gacor
situs slot
slot gacor
BETA138
BETA138
BETA138
BETA138
BETA138
BETA138
BETA138
BETA138
BETA138
BETA138
BETA138
https://iboninternational.org/
SLOT GACOR
SLOT GACOR
SITUS GACOR
https://www.sakumaexportsltd.com/api/
https://ledbyher.org/api/
https://www.perlindunganhukum.com/services/
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
https://tozsdeforum.hu/gazdasag
https://acbgbrasil.org/cancer-orofaringe
https://guichetunique.cd/
https://ecuadorenvivo.com/
https://tozsdeforum.hu/gazdasag
https://acbgbrasil.org/cancer-orofaringe
https://guichetunique.cd/
https://ecuadorenvivo.com/
https://manggala.bumiratu-pringsewu.desa.id/
IDBET
IDBET
IDBET
IDBET
IDBET
IDBET
HALOJP
Slot Gacor
HALOBET
HALOBET
HALOBET
HALOBET
HALOBET
HALOBET
HALOBET
HALOBET
Slot Gacor
Slot Gacor
Slot Gacor
Slot Gacor
Slot Gacor
Slot Gacor
Slot Gacor
Slot Gacor
Slot Gacor
halobet
slot gacor
Slot Gacor
https://webinetsmkn1kamal.my.id/
https://www.jurnalkommas.com/docs/Jurnal/
https://www.jurnalkommas.com/docs/Jurnal/
https://www.jurnalkommas.com/docs/Jurnal/
halobet
halobet
https://www.jurnalkommas.com/docs/Jurnal/
https://iboninternational.org/
https://pegbintangkab.go.id/tentang-kami/tentang-pegunungan-bintang/
https://heylink.me/halobet/
https://www.bomba.gov.my/wp-content/uploads/2025/03/BAB-10-NOTA-ALAT-PEMADAM-API.pdf
Halobet
SLOT88
Halobet
Halobet
SLOT88
https://bmkgsampali.net/normal-hujan-bulanan/
https://harukaedu.com/career/
Warung168
Slot Gacor Maxwin
Situs Slot
Slot88 Resmi
Link Slot88 Resmi
Slot88 Resmi Terpercaya
Slot Gacor
Situs Slot Gacor
Slot
Situs Slot
Slot Gacor
Slot Maxwin
Slot Gacor Maxwin
Situs Slot Gacor Maxwin
https://speizy.com/garajeshttps://disruptivetechnews.com/big_news/citibank-singapore-launches-citi-plus/https://www.internationalperformingartsinstitute.com/fundraising-tipshttps://fellowshipofthesun.org/everything-you-need-to-know-about-wells-fargo-card-activation/http://www.kyoto-osaka.com/guide/spot/0030_rockethiroba.htmlhttps://ekenstam.com/om-ekenstam/https://www.keris-stainton.com/about.htmlBETA138
BETA138
BETA138
BETA138
BETA138
BETA138
BETA138
BETA138
BETA138
BETA138
https://shakersbarandgrill.com/menus/
https://birchfamilyservices.org/birch-family-services/
https://hotelviladosorixas.com/
https://rhopen.com.br
https://celg.org.br/slot gacor
slot gacor
slot gacor
slot gacor
slot gacor
slot gacor
slot gacor
slot gacor
slot gacor
slot gacor
slot gacor
situs slot
slot gacor
BETA138
https://kajen-tegal.desa.id/data-wilayah/
BETA138
BETA138
BETA138
BETA138
BETA138
BETA138
BETA138
BETA138
BETA138
BETA138
SLOT GACOR
SLOT GACOR
SITUS GACOR
https://www.sakumaexportsltd.com/api/
https://ledbyher.org/api/
Slot88 Resmi
https://www.perlindunganhukum.com/services/
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
Slot88 Resmi
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
SITUS 138
https://tozsdeforum.hu/gazdasag
https://acbgbrasil.org/cancer-orofaringe
https://guichetunique.cd/
https://ecuadorenvivo.com/