Nigeria became the first African country to issue its own national digital currency. It was introduced by President Muhammadu Buhari. The digital analogue of the local currency is called eNaira.
The country's authorities have high expectations for its successful launch. “Our country became the first in Africa and one of the first in the world to create and introduce digital currency for its citizens,” Bukhari said. He stressed that the emergence of eNaira would give a new impetus not only to the local but also to the entire African economy. In Nigeria and beyond, anyone can access eNaira by opening a virtual wallet on their smartphone. Experts say the advantage of digital currency is that it is not tied to a bank account and can be used by people with no banking access. With the help of virtual money, any user can make payments through mobile platforms, as well as make investments.
Other African countries are also planning to introduce their own digital currencies amid the growing popularity of crypto. According to a report by the World Economic Forum, African countries received near $105.6 billion worth of cryptocurrency between July 2020 and June 2021. Experts believe that Kenya, Ghana, Morocco, Tunisia, and Madagascar will soon develop their own digital currencies.
