- Nigeria has introduced a digital currency called the eNaira to its citizens.
- In the televised speech at the launch of eNaira in Abuja, President Muhammadu Buhari stated that the adoption of the central bank digital currency and its blockchain technology will boost Nigeria’s gross domestic product by $29 billion over the next 10 years.
Nigeria has introduced a digital currency called the eNaira to its citizens.In the televised speech at the launch of eNaira in Abuja, President Muhammadu Buhari stated that the adoption of the central bank digital currency and its blockchain technology will boost Nigeria’s gross domestic product by $29 billion over the next 10 years.
The Central Bank expressed confidence that the introduction of the digital currency will boost cross-border trade and financial inclusion, make transactions more efficient as well as improve monetary policy. Bitt Inc. is the technical partner of the central Bank in creating the currency.
The central bank had in February outlawed banks and financial institutions from transacting or operating in cryptocurrencies which were perceived as risky for the financial system. During the launch, central bank Governor Godwin Emefiele said that the eNaira platform, since its launch, has received more than 2.5 million daily visits, with 33 banks integrated on the platform, 500 million nairas ($1.2 million) successfully minted and more than 2,000 customers. The eNaira is expected to complement the physical naira, which has skidded 5.6% this year. He added that the eNaira and the physical naira will have the same value and will always exchange at one naira to one eNaira. Nigeria is the first African country to roll out national digital currencies.
