Nigeria launches Africa’s first digital currency
After three years of research, Nigeria officially launched the eNaira, Africa’s first central bank digital currency (CBDC) that was issued by its government in October. The eNaira is an electronic version of the paper naira, equal in value and issued by the Central Bank of Nigeria (CBN). It’s not intended to replace cash but will function as a safe and efficient alternative means of payment. The theme of the eNaira is: “Same Naira. More Possibilities.” The eNaira was developed by Bitt, a Caribbean–based fintech company and will operate on the hyperledger fabric blockchain. CBDCs are unlike Bitcoin and other cryptocurrencies that have no government backing.
Nigerian President Muhammadu Buhari said the adoption of a CBDC could improve economic activities and increase Nigerian GDP by $29billion over the next 10 years. “I am delighted to officially launch the Central Bank of Nigeria digital currency called the eNaira. And, in so doing, we have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens.”
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