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.
This marketing content will be shown in place of your protected content to anyone who is not allowed to read the post…
- Get a daily email packed with the latest China-Africa news and analysis.
- Read exclusive insights on the key trends shaping China-Africa relations.
- Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.