e-Naira: Africa’s First Central Bank Digital Currency
By Ahmed Dodo The Central Bank of Nigerian recently piloted the launch of eNaira on Monday 25 October 2021, setting a record, and making Nigeria the first country in Africa to launch its own central bank digital currency. It was a historical moment as Nigeria launched Africa’s first Central Bank Digital Currency (CBDC) The event was unveiled by President Muhammadu Buhari who could not hide his excitement during the unveiling at the State House. He pointed out that alongside innovation; the adoption of a CBDC could improve economic activities and increase Nigerian GDP by $29bn over the next 10 years. A visibly elated Buhari said. ‘’ I am delighted to officially launch the Central Bank of Nigeria digital currency called the eNaira. And in so doing we have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens.’’ The launch of the eNaira by Nigeria propelled its status positively to the world and demonstrated the country’s w...