On Monday 25th October, 2021, Nigerian launched the country’s digital currency named the “eNaira”, making it the first African country to adopt the blockchain technology into its financial institution. ayokinews.com reports
The currency launch was held at the State House in Abuja, on Monday, with the Nigerian President Muhammadu Buhari; Vice President, Yemi Osinbajo; Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and other important dignitaries in attendance.
Speaking during the eNaira launch was the Nigerian President Muhammadu Buhari, who expressed his utmost happiness with the successful project saying, the adoption of new CBN digital currency (eNaira) is estimated to increase Nigeria’s GDP by $29 billion over the next 10 years.
“We have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens,” President Buhari said.
Aside Nigeria, other countries who have launched their own digital currency include, China, Bahamas, and Cambodia.
The Nigerian digital currency has two applications which is the eNaira speed wallet and eNaira merchant wallet, which were both launched on the Google Playstore and Apple Store during the launch on Monday at the State House in Abuja.
A statement released on the eNaira official website had the overall function of the digital currency and its value/importance to Nigeria economy well explained.
The statement reads in parts, “eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.
“eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.”
Additionally, the new financial payment system which has taken four years to crystalize, will now drive financial inclusion, serve as a backbone for electronic payment and also enable the movement of more people from the informal to the formal sector, hence scaling up the tax base of Nigeria.