President Muhammadu Buhari has unveiled the digital currency on Monday at the State House in Abuja, the nation’s capital.

Vice President, Yemi Osinbajo; governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and other dignitaries were present at the launch.

The development has made Nigeria the first country in Africa and one of the first few globally to introduce a digital currency, after countries like China, Bahamas, and Cambodia.

Speaking at the event, Buhari said: “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 also noted that the adoption of new digital currency is estimated to increase Nigeria’s GDP by $29billion over the next 10years.

The digital currency has two applications; eNaira speed wallet and eNaira merchant wallet, which are available on the Google Playstore and Apple Store.

“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,” according to a statement on the eNaira website.

Also, the new payment system which took about four years to crystallize, will boost financial inclusion, serve as a backbone for electronic payment in Nigeria and also enable the movement of more people from the informal to the formal sector, thereby increasing the tax base.



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