Nigeria launches its central bank digital currency eNaira
Nigeria’s CBDC pilot is now the second largest behind China’s digital yuan, and aims to digitise payments and increase financial inclusion in Africa's most populous country. ( from left) The Vice, Yemi Osigbanjo; The President, Muhammadu Bihari; and The CBN Governor, Godwin Emefiele at eNaira launching. Nigeria’s central bank digital currency (CBDC), the eNaira, launched today following an announcement by President Muhammadu Buhari. Buhairi said the digital currency and the blockchain technology it uses can foster economic growth and increase the GDP of Africa's biggest economy by $29 billion over the next 10 years. Nigeria’s Central Bank (CBN) Governor Godwin Emefiele said that around 500 million eNaira (1.21 million) have already been minted in lieu of the digital currency going live. In a press release on Saturday, the CBN said the eNaira’s launch “marks a major step forward in the evolution of money and the CBN is committed to ensuring that the eNaira, like the physical Nai