Nigeria launches the eNaira, a digital version of its currency
Interest in cryptocurrency among investors in different countries has led to the fact that digital currencies have become of interest at the state level. Governments of different countries began to think seriously about creating their own cryptocurrencies. There is news that Nigeria is launching eNaira, an electronic version of its currency.
The launch was supposed to take place on October 1, but was postponed due to the independence celebrations of the continent’s largest country. On Monday, October 25, Nigeria planned to reintroduce a digital version of its enaira currency, according to an official statement from the Central Bank (CBN).
All over the world, with the growth of online payments, central banks are taking steps to create electronic versions of national currencies, CBDC, to compete with cryptocurrencies that evade state or international regulators. Nigerian citizens will be able to download the eNaira app and make deposits into their mobile wallets, relying on existing bank accounts. With this launch, Nigeria, the biggest economy in Africa in terms of GDP and the continent’s most multinational country (nearly 220 million people), along with Ghana, where the currency has been testing since September, has become a trailblazer on the continent for the first time. The electronic cedi, as a new medium of exchange.
With the help of cryptocurrencies, Nigerians are primarily trying to get rid of the constant naira depreciation over the past few years.They also facilitate money at the expense of the diaspora and allow them to take their savings out of the country. In recent years, Nigeria’s central bank has raised concerns about the impact of cryptocurrencies on the national economy, saying in particular that they serve as a vehicle for money laundering and terrorist financing. In 2020, China became the first leading economy to launch an experimental version of a digital currency. Since then, at least five countries have started using their own virtual currencies, according to the U.S. think tank Atlantic Council.
In addition to Nigeria, many other countries are interested in developing their own cryptocurrency. According to official data, 18 central banks of countries have reported the development of their own digital currency. Moreover, four countries have already launched digital payments, including Senegal, Venezuela, Uruguay and Tunisia. The other 14 countries are either in the process of developing these currencies, or implementing experimental programs with third-party blockchain software providers.
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