Nigeria’s CBDC pilot is now the second largest behind China’s digital yuan, and aims to digitise payments and increase financial inclusion in Africa's most populous country. The digital currency and the blockchain technology it uses can foster economic growth and increase the GDP of Africa's biggest economy by USD 29 billion over the next 10 years.
Nigeria’s Central Bank (CBN) Governor said that around 500 million eNaira have already been minted in lieu of the digital currency going live. CBDCs are rapidly gaining popularity worldwide, and Nigeria is the first African country to officially launch a sovereign-backed digital currency pilot.
Over 62% of Nigerians are aged 24 or under, making the eNaira available to a largely digitally native population. Development of the eNaira was carried out by fintech company Bitt, whose Digital Currency Management System is also behind the East Caribbean Central Bank’s digital currency DCash.
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