Nigeria's enaira is africa's first central bank digital currency (cbdc) and one of the 11 active cbdcs in the world. the enaira is nigeria's way of enabling the use of blockchain — a technology popularised by cryptocurrencies — in mainstream finance. it is also another way to rival cryptocurrencies, which have become increasingly popular. The enaira has a unique identity and security feature which makes it secure and cannot be counterfeited, unlike the paper naira. another thing you need to know about the enaira is that it aids the revenue collection process since it reduces cash handling costs. revenue collection agencies would find this very useful in their line of work.
It is still unclear what impact enaira will have on the nigerian economy, if any at all. however, the cbn believes the enaira will greatly improve financial inclusion, payment processing, and tax collection, among other things. the enaira is also expected to increase cross border trade, which could have a positive impact on the nigerian economy. Enaira was officially launched on 25 october 2021 under president muhammad buhari led government; under the slogan: "same naira, more possibilities". The enaira is a central bank digital currency (cbdc) issued by the central bank of nigeria as a legal tender. it is the digital form of the physical naira an. The central bank of nigeria (cbn) on 25th october 2021 launched the enaira, a digital currency for nigerians to use for digital transactions.
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