Nigeria’s Monetary Policy and Economic Development

The study examined the possibility of issuance of CBDC, existing structures, the economic environment, benefits, opportunities, challenges, and risks in Nigeria. Using workable theories similar to fiat currencies. Despite the noisome success stages of CBDC by central banks of the world, Nigeria is yet to have an overview of the possibility of issuing CBDC and as an employable option to its current difficulties of corruption, money laundering and terrorism.The study revealed that from the respondents’ views and that of the researcher, CBDC is a viable option that can eradicate most of the challenges faced in the current financial/ monetary system like financial inclusion, money laundering and terrorist financing, interest rate discrepancies, etc.