Nigerian president launches eNaira cryptocurrency

On Monday, Nigerian President Muhammadu Buhari officially introduced the country’s central bank digital currency; the eNaira.

The Central Bank of Nigeria published a document in which it reaffirmed its intention to introduce the eNaira after previously attempting but failing to do so on 1 October

According to the design paper for the eNaira, the African nation’s central bank now considers itself prepared to implement Nigeria’s first crypto.

The central bank is working on a global cryptocurrency that will be used as a means of payment and a store of value in addition to replacing cash.

The bank emphasized the value of getting things right the first time and how doing so contributes to long term success for digital currencies.