Nigeria has become the first African country to issue a sovereign digital currency known as eNaira. The central bank had previously delayed the launch by a month, but it appears that everything is now in place for the official launch. The Nigerian Central Bank also stated that their priority was to launch a complete product rather than meet deadlines.
According to a press release issued by the Central Bank of Nigeria; the eNaira is a significant step forward in the evolution of money.
“THE LAUNCH OF THE ENAIRA IS A CULMINATION OF SEVERAL YEARS OF RESEARCH WORK BY THE CENTRAL BANK OF NIGERIA IN ADVANCING THE BOUNDARIES OF THE PAYMENTS SYSTEM IN ORDER TO MAKE FINANCIAL TRANSACTIONS EASIER AND SEAMLESS FOR EVERY STRATUM OF SOCIETY. FOLLOWING A SERIES OF ENGAGEMENTS WITH RELEVANT STAKEHOLDERS INCLUDING THE BANKING COMMUNITY, FINTECH OPERATORS, MERCHANTS, AND INDEED, A CROSS-SECTION OF NIGERIANS, THE CBN DESIGNED THE DIGITAL CURRENCY, WHICH SHALL BE ACTIVATED ON MONDAY, OCTOBER 25, 2021.”
The Nigerian government hopes that by launching the eNaira; it will usher in a new era of digital finance in the country; which has suffered from financial inequality and a lack of banking facilities for the masses. Africa has also emerged as a promising location for digital transformation, becoming the second-highest crypto remittance region this year.
Nigeria Leaves China Behind in CBDC Launch
Nigeria has also fallen behind China in terms of CBDC launch; as the official launch date of the digital yuan is still unknown. China had completed its CBDC development in 2019; at a time when other countries were not even considering CBDC as a possibility; but the launch has been repeatedly postponed. At the same time; the scale of CBDC trials is expanding, with several provinces and cities currently serving as digital yuan testing grounds.
Source: Bitcoin Warrior
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