Buhari Officially Launches Digital Currency eNaira

Speaking at the event, Buhari said: “We have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens.”

He also noted that the adoption of new digital currency is estimated to increase Nigeria’s GDP by $29billion over the next 10years.

Gatekeepers News reports that digital currency has two applications; eNaira speed wallet and eNaira merchant wallet, which are available on the Google Playstore and Apple Store.

“eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.

“eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments,” according to a statement on the eNaira website.

Also, the new payment system which took about four years to crystallize, will boost financial inclusion, serve as a backbone for electronic payment in Nigeria and also enable the movement of more people from the informal to the formal sector, thereby increasing the tax base.