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Nigeria rolls out Africa’s first digital currency

Nigeria officially launched its new digital currency the eNaira, to complement the physical naira. The operation was initially planned for early October but had to be postponed admitted Nigerian President Muhammadu Buhari on Monday.

The launch of the e-Naira makes Nigeria the first in the African continent alongside Ghana’s e-cedi which was being tested as a means of exchange since September.

Buhari said that Nigeria had become the first counrty in Africa, and is one of the first in the world, to have introduced a digital currency for its citizens and the adoption of the new digital currency would increase Nigeria’s GDP by US$29 billion over the next 10 years.

“We have become the first country in Africa and one of the first in the world to have introduced a digital currency for our citizens,” (read more below)

Nigeria’s President launches eNaira

“We have become the first country in Africa and one of the first in the world to have introduced a digital currency for our citizens,”

The new digital currency would improve cross-border trade, financial inclusion for people outside the formal economy and increase remittances.

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Nigerians had a few discriminatory words for the new currency. This is what they had to say:

Source: eNaira.gov, Press statement

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