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E-Naira Nigeria’s First Digital Currency

Central Bank of Nigeria unveiled the pilot program for its digital currency, the E-Naira, an action by the apex bank to drive its efforts to improve financial inclusion, support cross border trade and
reduce the influence of unregulated cryptocurrencies in the Nigerian market. The CBN’s action is in tandem with measures being taken by other central banks to adapt to the rapid pace of innovation in
payment systems.

So far, over 80 percent of Central Banks are currently exploring the idea of whether to issue a digital currency in the near future. At the same time, central banks in China, Bahamas and Sweden have launched pilot
programs for their respective digital currencies. Unlike decentralized cryptocurrencies such as bitcoin and etherium, the e-naira is a direct liability of the central bank and is a digital version of the official
currency, the Naira.

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