Nigeria is gearing up to become the first country in Africa to launch its own central bank digital currency. Find out how the eNaira will work and what its benefits will be.
Nigeria’s Central Bank launched a digital currency on Monday that is designed to be used alongside its physical currency. The release of eNaira was officially announced via a press release issued by the Central Bank of Nigeria.
Central banks control the circulation and supply of money globally, but the phenomenal rise of cryptocurrency poses a threat to their authority, control and power. So central banks around the world are now producing their own digital currencies. In a groundbreaking move for the African continent, buffered by local activity and interest in cryptocurrency — […]
Nigeria will on Monday launch a digital currency, the eNaira, the Central Bank said, months after it barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies.