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Nigeria Unveils a Chinese-Style Digital Currency Platform

The President, Major General Muhammadu Buhari inaugurated the country’s eNaira at the State house in Abuja together with Vice President Yemi Osinbajo.

Nigeria’s President, Muhammadu Buhari, unveiled the country’s new digital currency platform, eNaira, on Monday. It is Africa’s first virtual currency.

The new service will allow Nigerians to make contactless payments, move money between accounts and manage their accounts virtually. Unlike other digital currencies, however, the eNaira isn’t an unregulated cryptocurrency. Instead, it will be pegged to the naira itself, which means its value will also fluctuate against the U.S. dollar.

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