On the 25th of October 2021, Nigeria became the first African country to possess a digital currency. There are also very few countries in the world who own such currencies. This digital currency is called e-naira. E-naira is a digital currency that has the same value as its paper counterpart. This milestone is the
latest invention by the Central Bank of Nigeria to level up in this ever-developing digital world.
Why does it matter?
The Apex Bank in Nigeria has said that one problem that e-naira will solve is reduction in the millions of naira it spends on printing paper currency. Speaking at a press conference, the CBN governor Godwin Emefiele said that paying for daily needs just got easier with e-naira as traders and vendors do not need to go through back-breaking processes to make change for their customers.
The Big Picture
There has been both criticism and optimism by Nigerians; the reason for the former claim is that we can neither trade it nor can it increase in value, so it is irrelevant. The optimistic citizens say that integrating technology into finance would always be a welcome idea and that it gives room for better and more advanced projects in the future.
To get e-naira, download e-naira speed wallet on your device from Google play store or Apple store. Next, select your local bank from the list of banks available on the drop-down menu. Authenticate yourself and you are ready.
With this invention, the Nigerian Government is finally opening up to the digital world of today.