eNaira: Africa’s First Digital Currency Brings More Questions Than Answers

From blocking the trading of cryptocurrencies in February to becoming the first African country to mint a national digital currency in October, it’s been quite an ‘eventful’ period in the Nigerian financial system, to say the least. And that’s courtesy of the divisive leadership of the Central Bank of Nigeria (CBN) which seems to be unrelenting in its bid to dictate to the extent that it is perceived as overbearing in some quarters.

After putting off an earlier launch initially slated for October 1 and sparking doubts drawn from concerns over the hastiness of an operation that was only announced in May, Nigeria on Monday became the first African nation (and just the third globally) to fully roll out a digital currency - the eNaira.

However, the fanfare and hope around the development remain somewhat suppressed by plenty of uncertainty and scepticism as huge question marks hover over the e-Naira with regards to its suitability, structure, and functionality vis-a-vis the country’s current financial and economic realities.