Exploring and piloting digital currencies is becoming more popular amongst African central banks, but why?

Jul 4, 2022

Nigeria was the second country after the Bahamas to roll out a CBDC. Image: Unsplash/James Wiseman

Saad Quayyum

Economist in the Strategy, Policy and Review Department, IMF

Franck Ouattara

Research Analyst in the Regional Studies Division, IMF

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Countries have different motives for issuing CBDCs but for the region there are some potentially important benefits. Image: IMF/Central Bank Digital Currencies Tracker (cbdctracker.org)

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