To encourage the widespread use of eNaira, Nigeria will have to fix its infrastructure, train financial services staff and ensure data privacy for users.
Nigeria’s new foreign exchange policy promises to discourage rent-seeking, attract foreign investment, boost exports and prevent the dollarisation of the economy but consistency is key to success.
For a country that aspires to reduce bureaucracy and liberalise its financial sector, currency redesign and cash withdrawal limits can only be counter-intuitive.
Evidence suggests a strong relationship between sustainability and the global competitiveness of a country. Nigerian businesses need to embrace it in order to thrive.