Nigeria Becomes First Country in Africa to Launch a Digital Currency

Nigeria has become the first country in Africa to launch a digital currency. Tagged eNaira, the digital currency backed by the Central Bank of Nigeria was unveiled by President Muhammadu Buhari at the Statehouse in Abuja, Nigeria’s capital on Monday, October 25.

The event had in attendance the President, Vice President, Yemi Osinbajo; governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and other dignitaries in attendance.

During the launch, President Buhari said the adoption of new CBN digital currency is estimated to increase Nigeria’s GDP by $29 billion over the next 10 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.

Also, at the launch Monday, the Central Bank of Nigeria governor, Godwin Emefiele, said 500 million eNaira ($1.21 million) has already been minted.

The digital currency has two applications – eNaira speed wallet and eNaira merchant wallet, which were launched on the Google Playstore and Apple Store.

A statement on the eNaira website explained the overall function of the currency and its value to Nigeria’s economy.

“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.

To sign-up on the eNaira speed wallet, you would be required to input the following details exactly as captured during your BVN enrollment.“First Name, Last Name, Date of Birth, State of Origin, and Email.