Nigeria to Launch CBDC Within Days: Report
Main page News, Africa, CBDC

Nigeria will have its own digital currency, eNaira, within a couple of days, Reuters has learned, citing the Central Bank Governor, Godwin Emefiele. With its own digital currency, Nigeria will become one of the first countries in Africa to adopt the "digitization of its national currency," he added.

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Nigeria decided to launch its own digital currency after the country canceled plans to ban cryptocurrencies as the regulator wanted to prevent cryptocurrency from being used to finance illicit activities.

All You Need to Know About Nigerian Naira: Interesting Facts

Speaking at the 279th MPR meeting, Emefiele said that the watchdog found out that a "substantial percentage" of Nigerians were getting involved in cryptocurrencies. The central bank governor said earlier this year that the eNaira would operate as a wallet and customers' funds will be held in their bank account.

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