eNaira is a new digital currency that has been launched in Nigeria as a new version of the Naira (Nigerian money) currency. The country becomes the first to do in Africa, and with eNaira, local authorities believe it will increase banking access and help grow the economy as fast as time allows.
Launched by the President of Nigerian Muhammad Buhari, eNaira has already received over 33 banks, 120 merchants, and 2000 customers registered on the platform accessible through a Smartphone App on both IOS and Android.
To maintain stability of the old currency, financial institutions have received over 200 million Nairas worth of eNaira according to the Central Bank Governor Emefiele. This will not only stabilize the currency, but also attract citizens to embrace the country’s digital currency.
eNaira launches at a time when cryptocurrencies are widely used in Nigeria with the nation ranking 3rd largest in the usage of virtual currencies across the world after Russia and the USA as per 2020 statistics.
Initially, Bahamas pioneered the Sand Dollar as a general-purpose digital currency in October last year, and now, Nigeria has followed suit as more countries across the world are expected to join the trail. China is currently testing its own digital currency as Switzerland and France work on Europe’s first cross-border experiment.