Nigeria announces eNaira.

 Nigeria is officially unveiling a new digital form of its currency, the eNaira, Nigerian President Muhammadu Buhari announced today.

With the introduction of digital currency, Nigeria, Africa's largest economy in terms of GDP and the continent's most populous country (with more than 200 million inhabitants), is considered a pioneer on the continent, alongside Ghana, which has been testing e since September. -Cedi, as a new trading medium.

"We have become the first African country and one of the first in the world to create a digital currency for our citizens," Bukhari said.

The president said the new digital currency would improve cross-border trade, the financial participation of people outside the formal economy, and increase capital transfers.

The digital currency was supposed to be officially activated on October 1st, but the Central Bank postponed its introduction, citing the country's independence anniversary celebrations.

Cryptocurrencies are widely used in Nigeria, which in 2020 ranked third in the use of virtual currencies worldwide after the US and Russia, according to a survey by the research firm Statista.

With cryptocurrencies, Nigerians are mainly trying to avoid the continued devaluation of the naira in recent years. It also allows them to get money from the diaspora more efficiently or export their savings from the country.

Central banks worldwide are trying to create digital versions of their currencies, the CBDCs, facing online payments to compete with cryptocurrencies out of state control or global regulators.

Last year, China became the first major economy to introduce a trial version of a digital currency. Since then, at least five countries have presented their virtual currencies, according to the Atlantic Council.

 This article is for informational purposes only and does not replace specialized consulting services with professional experts.