President Buhari launches Nigeria’s digital currency

President Buhari launches Nigeria’s digital currency

Nigeria’s President, Muhammadu Buhari has launched the country’s digital currency, eNaira.

The eNaira was launched on Monday at the State House in Abuja, with the Vice President, Yemi Osinbajo; governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and other dignitaries in attendance.

 

President Buhari said the adoption of new CBN digital currency is expected to increase Nigeria’s GDP by $29billion within a 10-year period.

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

According to the President, Nigeria becomes the first country in Africa and one of the first few globally to introduce digital currency (which is one of the most advanced payment systems in the world) to its citizens after countries like China, Bahamas, and Cambodia.

A statement on the eNaira website explained the overall function of the currency and its value to Nigeria’s economy.

“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,” the statement read in part.

The digital currency has two applications  eNaira speed wallet and eNaira merchant wallet, which were launched on the Google Playstore and Apple Store on Monday at the State House, Abuja.

A statement on the eNaira website explained the overall function of the currency and its value to Nigeria’s economy.

President Buhari launches Nigeria’s digital currency

↯↯↯Read More On The Topic On TDPel Media Below↯↯↯

»Share Your Opinion On TDPel Media«