Nigeria plans to launch its own official digital currency, after it banned financial institutions from dealing in cryptocurrencies in the country last February.
Nigeria has announced that it will work with Petit Inc. as a technology partner to launch its own digital currency called eNaira, according to a statement from the Central Bank of Nigeria.
The Central Bank of Nigeria announced earlier this year its intention to launch its digital currency, after banning banks and financial institutions from dealing or granting facilities related to cryptocurrency.
The Governor of the Central Bank of Nigeria, Godwin Emeville, said the e-naira would be a wallet through which people could keep their existing money in their bank accounts, according to a Reuters report seen. Al-Arabiya.net.
He explained that the digital currency will accelerate the process of financial inclusion and enable the flow of remittances from workers abroad in a cheaper and faster way.
Earlier this year, the Barbados-based Petit Corporation spearheaded the creation of the first Eastern Caribbean currency, Dcash.
