Nigeria is the latest country to join China and a few other countries in the DeFi race by announcing the launch of its very own cryptocurrency, dubbed the eNaira.
Nigeria Rolls Out eNaira
The government also rolled out two apps, e-Naira speed wallet and e-Naira merchant wallet and both are live and available for download.
eNaira speed wallet: Playstore
With this move, Nigeria has become Africa's first country to venture into the crypto space by releasing a Central Bank Digital Currency, Nigerian President Muhammadu Buhari commented:
"We have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens,"
Africa's largest economy has developed the CBDC with fintech company Bitt releasing 500 million e-Naira ($1.21 million) has already been minted.
It's worth mentioning that five countries have already fully launched their very own CBDCs, while 14 other countries including Sweden and South Korea are still in the testing stage, according to the Atlantic Council's CBDC tracking project.
