Considering the size of Nigeria’s economy and population, this adoption is a significant milestone in the evolution of CBDCs.

In October 2021, Nigeria became the first country in Africa to fully launch a central bank digital currency (CBDC), which it calls the eNaira. The project is expected to add around $30 billion to Nigeria’s GDP over the next decade. Only a handful of other (much smaller) countries have done the same, including the Bahamas, seven nations in the Eastern Caribbean and most recently, Jamaica.

1:13 - What Is a CBDC?
2:02 - What Is Nigeria’s eNaira?
3:56 - Progress of the eNaira
5:08 - How Can You Buy eNaira?

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