Nigeria becomes the first African nation to launch digital currency 'eNaira'

Abuja: – Nigeria became the first country in Africa to launch the digital currency ‘eNaira’. On Monday, President Muhammadu Buhari inaugurated ‘eNaira’. President Buhari claimed that this would expand the scope of Nigeria’s banking sector and add billions of dollars to the economy. The Nigerian President predicted that the country’s Gross Domestic Product (GDP) is expected to grow by 29 billion in the next ten years.

Nigeria is one of the few countries in the world to launch a digital currency market for its people, said President Buhari. Central Bank of Nigeria Governor Godwin Emefiele was present for this occasion. The digital currency, ‘eNaira’, will reduce transaction costs and strengthen the country’s economy, claimed Emefiele.

Emefiele announced that 33 Nigerian banks, 2,000 customers and 120 merchants are already connected with the digital currency, eNaira. In February, Nigeria’s central bank banned cryptocurrency transactions. Nigeria has claimed that the concerned currency transactions are dangerous for the country’s economic security. A few days ago, the Bahamas, a country in the Caribbean, launched the digital currency ‘Sand Dollar’.