Nigeria, Africa’s largest economy, has launched the continent's first digital currency, the e-Naira. The launch also ranks Nigeria among very few nations in the world to adopt the electronic money system which leaders hope will help boost the country's GDP and fight inflation.
The official launch of the Central Bank of Nigeria Digital Currency, CBDC, took place at the state house in Abuja on Monday, with top government officials attending. Nigerian president, Muhammadu Buhari unveiled the e-Naira and said it could potentially boost Nigeria's Gross Domestic Product by up to $29 billion over the next decade. Blockchain technology expert, Jadel Chidi welcomes the launch. "Digital currency helps to foster faster payments, it also [is] supposedly less expensive than the regular payment systems you have already. You make your transactions person to person; you don't need an intermediary," said Chidi. The e-Naira app went live and became available for citizens to download, immediately after the launch.