The event which took place on Monday at the State House in Abuja, also had the Vice President, Yemi Osinbajo; governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and other dignitaries in attendance.
President Buhari, during the launch, said the adoption of new CBN digital currency is expected to increase Nigeria’s GDP by $29 billion over the next 10 years.
“We have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens,” Buhari said at the event.
Countries that have also launched digital currencies include China, the Bahamas, and Cambodia.
The digital currency has two applications – eNaira speed wallet and eNaira merchant wallet, which were launched on the Google Playstore and Apple Store on Monday at the State House, Abuja.
A statement on the eNaira website explained the overall function of the currency and its value to Nigeria’s economy.
“eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.
“eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments,” the statement read in part.
Additionally, the new payment system which has taken four years to crystallise, will drive financial inclusion, serve as a backbone for electronic payment in Nigeria and also enable the movement of more people from the informal to the formal sector, hence scaling up the tax base of the country.
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