Thursday, 6 October 2022

Nigeria first African country to launch digital currency

5 min read

27 October 2021 – Nigeria became the first African country to launch a digital currency called the eNaira.The launch of the eNaira is a culmination of several years of research work by the Central Bank of Nigeria (CBN) in advancing the boundaries of payments system in order to make financial transactions easier and seamless for every strata of the society. The CBN designed the digital currency following a series of engagements with relevant stakeholders including the banking community, fintech operators, merchants and a cross section of Nigerians. The launch comes months after the CBN barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies. The Nigerian digital currency will complement bills in circulation and is expected to boost cross-border trade and financial inclusion. Nigeria joins the Bahamas and the Eastern Caribbean Central Bank in being among the first jurisdictions in to roll out national digital currencies.  

Re-disseminated by The Asian Banker from Central Bank of Nigeria, with additional reporting from CNBC

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