Nigeria’s President Muhammadu Buhari on Monday launched the country’s central bank digital currency (CBDC), the eNaira. The launch took place at the State House in Abuja. An earlier plan to unveil the digital currency on October 1, 2021 was postponed.
The eNaira was developed by fintech company Bitt, which is also behind the creation of CBDC in some East Caribbean countries. With the eNaira, Nigeria becomes the first in sub-Saharan Africa to fully launch a digital currency and joins China and a few other countries using or piloting central bank-regulated electronic tender.
While launching the new digital currency. President Buhari noted that “We have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens,” He added that it would increase remittances, foster cross-border trade, improve financial inclusion and enable the government to make welfare payments more easily.
