Nigeria launches digital currency ‘to drive economic growth’
Associated PressLAGOS, Nigeria — Nigeria has launched a digital currency which the Central Bank of Nigeria says is a “major step forward in the evolution of money” in Africa’s most populous country. The use of the Nigerian Central Bank Digital Currency “can help move many more people and businesses from the informal into the formal sector, thereby increasing the tax base of the country,” Buhari said, eight months after the West African nation began a crackdown on cryptocurrencies. The eNaira — whose motto is “Same naira, more possibilities” — is an equivalent of Nigeria’s paper naira currency and is regulated as an official tender by Nigeria’s Central Bank. “It is a much simpler payment mechanism and … is going to help in a lot of dimensions including in reducing the amount of cash being used and the cost of transactions.” The central bank said the launch of the digital currency is “one milestone on a long journey.
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