Nigeria Launches a CBDC
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Oct. 25, 2021

Nigeria's President Muhammadu Buhari has just announced the launch of a central bank digital currency (CBDC). Fintech company Bitt has participated in the development of the project.

It must be noted that two apps to use the CBDC are already available for download on the App Store and Google Play. The Central Bank of Nigeria (CBN) has issued the first 500 million eNaira (worth about $1.2 million). The central bank said in a statement:

"The launch of the eNaira is a culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of payments system in order to make financial transactions easier and seamless for every strata of the society. The eNaira therefore marks a major step forward in the evolution of money."

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The Central Bank of Nigeria announced back in June the launch of a pilot project with the digital naira. The regulator later clarified the CBDC will complement cash and benefit citizens, the economy and cross-border trade.

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