Nigeria launches its digital currency to improve the payment system

The eNaira will coexist with physical money and they will be used in all of them to facilitate the various commercial activities in the African country

Nigerian President Muhammadu Buhari launched today the country’s new digital currency, eNaira, to improve the payments system in the West African nation, as announced by the country’s Central Bank.

The currency, which will take several years to reach its fullness, intends to “facilitate and accelerate financial transactions in the African country”, according to the institution, and will serve as a complement to the physical currency, collects the Lagos Post.

“The eNaira, therefore, marks a great step forward in the evolution of money, and the CBN is committed to ensuring that the eNaira, like the physical naira, is accessible to all,” added the central bank.

Olabisi Onabanjo University economics professor Sheriffdeen Tella has urged the Central Bank to sensitize Nigerians to the concept.

“People have yet to fully understand what eNaira is about. However, hopefully after the launch, they will be more aware of it,” said the entity.

Source: dpa

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