#REUTERS. | Nigeria launched the new version of its eNaira digital currency

Nigerian authorities hope to capitalize on the popularity of the cryptocurrency to better monitor digital currency transactions, curb trading on the naira black market, and also help integrate millions of Nigerians into the banking industry.

I think that internationally, it will have an impact on the country’s economy. Even at the national level, transactions and transfers will be easier for the benefit of citizens “, says a Nigerian.

Another thinks that “It is a good innovation. But the only difficulty that we could have in the days to come for the good functioning of this currency will be the problem of electricity”.

But others say they have no information about this new digital currency.

“I think the government needs to educate people. Its introduction by the Central Bank is certainly a good thing for the country.”

Authorities and experts claim that the eNaira digital currency will facilitate monetary transactions and improve the long-term value of the Nigerian currency which has reached its lowest value since 2003.

In recent years, the Central Bank of Nigeria has been concerned about the impact of cryptocurrencies on its economy, arguing that they could be used for money laundering and terrorist financing. The country is also notorious for internet scammers.

With this launch, Nigerians will simply be able to download the eNaira app and fund their mobile wallets using their bank accounts. The country is a pioneer on the continent, alongside Ghana which has been testing its e-Cedi since September. Cryptocurrencies are widely used in Nigeria, ranked in 2020 the third largest user of virtual currencies in the world after the United States and Russia.


Source: Reuters-VOA.

About Reuters

REUTERS: is an international news organization owned by Thomson Reuters. Until 2008, the Reuters news agency formed part of an independent company, Reuters Group plc, which was also a provider of financial market data.

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