Pres. Buhari Launches Nigerian Digital Currency, E-Naira

President Muhammadu Buhari has launched Nigerian digital currency, E–Naira.

While launching the digital currency, at the State House, Abuja, on Monday, October 25, the president said the adoption of new CBN digital currency 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,” he said.

Adding that the new virtual currency would improve cross-border trade, financial inclusion for those outside the formal economy and increase remittances.

Nigerian authorities say the currency is not intended to replace cash but will function as a safe and efficient alternative means of payment. The eNaira will be a Central Bank Digital Currency (CBDC), issued by the government, and it will have the same value as the paper, or fiat, currency.

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