The country’s digital currency, eNaira, was launched on Monday by President Muhammadu Buhari.
The Vice President, Yemi Osinbajo, as well as the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and other dignitaries, attended the event on Monday at the State House in Abuja.
President Buhari stated during the event that the adoption of the new CBN digital currency will enhance Nigeria’s GDP by $29 billion over the next ten 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,” Buhari said at the event.
China, the Bahamas, and Cambodia are among the countries that have created digital currencies.
The digital currency features two applications: eNaira fast wallet and eNaira merchant wallet, which were unveiled on Monday at the State House in Abuja on the Google Playstore and Apple Store.
The overall function of the currency and its usefulness to Nigeria’s economy were detailed in a statement on the eNaira website.
“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,” the statement read in part.
Furthermore, the new payment system, which took four years to develop, will promote financial inclusion, act as a backbone for electronic payments in Nigeria, and allow more people to shift from the informal to the formal sector, therefore increasing the country’s tax base.