As Africa’s largest economy prepares to introduce the eNaira, the continent’s first central bank-backed digital currency, many Nigerians are enthusiastic. Authorities seek to take advantage of cryptocurrency’s growth in order to better oversee digital currency transactions, reduce illicit market trade in the paper naira, and assist millions more Nigerians get access to banks. However, detractors argue that the digital money will give the Nigerian central bank more power.
The debut of the Central Bank of Nigeria’s (CBN) digital currency, known as the eNaira, was originally planned for October 1 as part of events to commemorate Nigeria’s Independence Day, but officials postponed it.
