President Muhammadu Buhari on Monday launched the Central Bank Digital Currency (CBDC), popularly known as the eNaira, at the Presidential Villa.
The launch was earlier scheduled to hold on October 1 but was shelved.
Speaking during the launch, President Buhari said the adoption of new CBN digital currency is estimated to increase Nigeria’s GDP by $29 billion over the next 10 years.
“We have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens,” Buhari said at the event.
The eNaira was developed by fintech company Bitt, which is also behind the creation of CBDC in some East Caribbean countries.
Nigeria is one of only a few countries in the world to develop an official digital currency. Other countries like China, Bahamas, and Cambodia have also launched digital currencies.