Nigeria becomes first African country to roll out digital currency  

Addis Ababa, October 26, 2021 (FBC) – Nigerian President Muhammadu Buhari launched the country’s new digital eNaira currency on Monday as Africa’s largest economy looked to tap into the growing popularity of virtual money and cryptocurrencies.

With the eNaira, Nigeria becomes the first in sub-Saharan Africa to fully launch a digital currency and joins China and a few other countries using or piloting central bank-regulated electronic tender.

The digital currency aims to foster economic growth through better economic activities, increase remittances, improve financial inclusion and make monetary policy more effective.