Buhari Introduces the eNaira Digital Currency

Written by on October 25, 2021

The ceremony took place on Monday at the State House in Abuja and was attended by Vice President Yemi Osinbajo, Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and other dignitaries.

President Buhari stated during the unveiling that the use of the new CBN digital currency is expected to improve Nigeria’s GDP by $29 billion over the next ten years.

“We have become Africa’s first and one of the world’s first to offer digital money to our folks,” Buhari stated during the occasion.

Other nations, like China, the Bahamas, and Cambodia, have also introduced digital currencies.

A message on the eNaira website outlined the currency’s general purpose and its importance in the Nigerian economy.

“eNaira is a digital currency created by the Central Bank of Nigeria that provides a unique form of money denominated in Naira.”

“eNaira acts as both a means of exchange and a store of value, providing improved payment prospects in retail transactions as compared to cash payments,” according to the statement.

Furthermore, the new payment system, which has taken four years to develop, would encourage financial inclusion, act as a backbone for electronic payment in Nigeria, and facilitate the transfer of more individuals from the informal to the formal sectors, therefore increasing the country’s tax base.

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