In an effort to create a more effective payment system for the nation, the Central Bank of Nigeria (CBN), led by Governor Mr. Godwin Emefiele, decided to launch the e-Naira.
The e-Naira was the first central bank digital currency in Africa when it was introduced by President Muhammadu Buhari on October 25, 2021.
The head of the CBN claimed that the e-Naira and the underlying block chain may boost Nigeria’s GDP by $29 billion over the course of ten years.
The adoption of the e-Naira, he continued, will enable the government to make direct payments to residents qualified for particular welfare programmes and promote international trade.
In addition to digital advancements, the governor noted that digital currencies might promote economic growth by