Nigeria launches ‘digital naira’ pilot

Central bank issues $1.2 million in retail CBDC after clampdown on private crypto


The Central Bank of Nigeria formally introduced eNaira, a pilot retail central bank digital currency (CBDC) on October 25.  

Nigeria, Africa’s largest country by population, becomes the first on the continent to introduce a pilot CBDC. The amount of electronic currency currently issued is tiny in proportion to Nigeria’s GDP, which was estimated at $432 billion in 2020 by the World Bank.

Central bank governor Godwin Emefiele said that the CBN had produced 500 million eNaira, equivalent to $1.22

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