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Nigeria has launched the eNaira

The eNaira, Nigeria's new digital currency, is officially launched.

Nigerian President Muhammadu Buhari today announced the launch of the eNaira, a new digital form of the country's currency.

Nigeria, Africa's largest economy in terms of GDP and the continent's most populous country (with more than 200 million people), is considered a pioneer on the continent with the introduction of digital currency, alongside Ghana, which has been testing e-Cedi as a new trading medium, since September.

"We have created new digital money for our population, making us the first African country and one of the first in the world," Bouhari added.

The new digital currency, according to the president, would boost cross-border trade, financial involvement of those outside the official economy, and capital transfers.

The digital currency was meant to go live on October 1st, but the Central Bank decided to postpone it because of the country's independence day celebrations.

Cryptocurrencies are widely utilized in Nigeria, which, according to Statista, is the world's third largest user of virtual currencies, behind the United States and Russia.

Nigerians are mostly using cryptocurrency to prevent the Naira's steady depreciation in recent years.

It also makes it easier for them to obtain funds from the diaspora or to export their savings out of the nation.

Central banks all around the globe are attempting to build digital copies of their currencies, known as CBDCs, that can be used for online transactions in order to compete with cryptocurrencies that are not regulated by governments or international organizations.

China was the first large country to adopt a test version of a digital currency last year.

According to the Atlantic Council, at least five nations have launched virtual currencies since then.

by Flexi Team

*DISCLAIMER: This article and its publication are intended to provide a brief introduction and act as a general guide. This is provided for information purposes only and cannot be utilized as a substitute for professional advice. This document does not represent a legal opinion and one must not rely on it without receiving independent advice based on the particular facts of its own case. No responsibility is accepted by the author or the publishers for any loss suffered from acting or refraining from acting based on the contents of this publication.

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