e-Naira Implementation and Financial Inclusion in Nigeria: A Review of Literature

The implementation of the e-Naira – Nigeria’s central bank digital currency (CBDC) - represents a transformative shift in the nation’s financial ecosystem. This review explores the impact of the e-Naira on financial inclusion, assessing its potential to bridge the gap between the banked and unbanked adult populations. Drawing on existing literature, this study examines the key motivations behind the e-Naira initiative, including its role in enhancing digital transactions, reducing cash dependency, and promoting economic growth. The review highlights the challenges associated with e-Naira adoption, such as technological barriers, regulatory concerns, and public awareness. Further, it discusses the comparative success of similar digital currencies worldwide and their implications for Nigeria. The findings suggest that while the e-Naira presents significant opportunities for financial inclusion, its success hinges on robust infrastructure, effective policy implementation, and increased public trust. This study contributes to the discourse on digital financial innovation and provides insights for policymakers, financial institutions, and stakeholders in Nigeria’s financial ecosystem.