By Sandrine M.

Nigeria has launched a digital currency, eNaira. The President Muhammadu Buhari launched the new currency on Monday October 25.

Nigerian President Muhammadu Buhari, left, and Central Bank governor Godwin Emefiele during the launch of the digital currency in Abuja © AP/Press Association Images

The Launch of the eNaira makes Nigeria the first in sub-Saharan Africa to have a digital currency joining China and other countries using central bank-regulated electronic tender.

“We have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens” Buhari remarked during the launch.

According to experts, digital currencies can potentially reduce transaction costs, facilitating cross border transfers while also expanding financial Inclusion as people with no banking access can use their mobile phones.

Reports say Ghana is also looking forward to launch it’s own central bank-backed digital currency.