eNaira, the country’s digital currency, has been unveiled by President Buhari.
The Vice President, Prof. Yemi Osinbajo, as well as the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, alongside other dignitaries, were all in attendance at the launch of the digital currency on Monday, 25th of October at the State House in Abuja.
President Buhari stated during the event that the adoption of the new CBN e-Naira will enhance the Nation’s GDP by about $29 billion over the next ten years from launch.
At the event, President Buhari remarked, “We have become the first country in Africa and one of the first in the world to introduce digital money to our citizens.”
The overall function of the currency and its usefulness to Nigeria’s economy and the Nigerian citizens at large were detailed in a statement on the e-Naira official website. https://www.enaira.gov.ng/
e-Naira is a digital currency created by the Central Bank of Nigeria that provides a unique form of money denominated in Naira. “e-Naira acts as both a medium of exchange and a store of value,” according to the statement, “providing improved payment prospects in retail transactions when compared to cash payments.”
With the launch of the e-Naira, Nigeria joins the likes of China, the Bahamas, and the Carribean Central Bank to roll out local digital currencies for the Nation.
Additionally, the launch of the e-Naira is expected to boost cross-border trade and improve financial inclusion within the country while improving the efficiency of money transactions.