By Linus Akomolafe
Nigeria has become the first nation in Africa to launch a digital currency called eNaira through its central bank digital currency (CBDC).
This came after an official launch of the eNaira digital currency by President Muhammadu Buhari on Monday.
Nigeria is among five countries who have launched digital currency while 14 other countries are at their pilot stage.
At the launch he said: “We have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens.”
With the help of a Barbados-based digital technology company, Bitt Inc, the e-Naira was developed.
Users can now download eNaira speed wallet and eNaira merchant wallet on Google playstore and Apple store.
CBN governor, Godwin Emefiele, CBN said there are guidelines on easy usage of the application which seeks to provide simplicity in the operation of eNaira while he encouraged the general acceptability and use to promote low cost of transactions, drive financial inclusion and minimising inherent risks of disintermediation of any negative impact on the financial system.
He added that the benefits of the e-Naira also include to increased cross-border trade and accelerated financial inclusion stating that 500 million eNaira ($1.21 million) has already been minted.
