The Central Bank of Nigeria has joined a growing list of emerging markets betting on digital money, said President Muhammadu Buhari in televised speech at the launch. “The adoption of the central bank digital currency and its underlying technology, called blockchain, can increase Nigeria’s gross domestic product by $29 billion over the next 10 years. The issuance of the digital currency, called the eNaira, comes after the central bank earlier in February outlawed banks and financial institutions from transacting or operating in cryptocurrencies as they posed a threat to the financial system. Central bank digital currencies, or CBDCs, are national currency — unlike their crypto counterparts, such as Bitcoin and Ethereum, which are prized, in part, because they are not tied to fiat currency. The eNaira will complement the physical naira, which has weakened 5.6% this year despite the central bank’s efforts to stabilize the currency.
SOURCE: AL JAZEERA
More Stories
Mo Ibrahim’s Index Looks at Africa’s State of Governance
France to Give Burkina Faso What It Wants
Africa Has to Work on Feeding Itself
Mali Basketballer Disappointed with Treatment after Whistleblowing
Kenya Changes the Rules of Engagement
For Many, the Pope’s Visit is the Peace they Need
Algeria Unveils Series of Policies Aimed at Eliminating its Dependence on Fossil Fuels
Lagos Seaport Garners Support from the Masses
Sierra Leone Women Given Right to Own Land
History About East Africa’s Art Scene
Uganda Launches its First Oil Drilling Programme
Looking at a Decade of Uber’s Operations in Africa