Nigeria launches eNaira digital currency to boost economic growth

President Muhammadu Buhari launched the central bank-backed digital currency on Monday

CBDC’s pilot project in Nigeria is now the second largest behind the Chinese digital yuan and aims to digitize payments and increase financial inclusion in Africa’s most populous country.

The digital currency of the Central Bank of Nigeria (CBDC), eNaira, spear today following an announcement by President Muhammadu Buhari.

Buhairi said the digital currency and the blockchain technology it uses can drive economic growth and increase the GDP of Africa’s largest economy by $ 29 billion over the next 10 years.

Central Bank of Nigeria (CBN) Governor Godwin Emefiele said about 500 million eNaira (1.21 million) had already been minted instead of the digital currency going live.

In a Press release On Saturday, the CBN said the launch of the eNaira “marks a big step forward in the evolution of money and the CBN is committed to ensuring that the eNaira, like the physical naira, is accessible. to all”.

CBDCs are rapidly gaining popularity around the world, and Nigeria is the first African country to officially launch a state-supported digital currency pilot project.

With a population of 211 million, Nigeria’s CBDC trial is now the second largest behind the Chinese digital yuan. On top of that, over 62% of Nigerians are aged 24 or under, making eNaira accessible to a predominantly digital native population.

The development of the eNaira was door by financial technology company Bitt, whose digital currency management system is also the originator of the Eastern Caribbean Central Bank’s DCash digital currency.

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