Nigeria makes history today as it becomes the first African country to digitise its currency, an exercise the Central Bank of Nigeria (CBN) has described as “one of the milestones of a long journey.”
But the eNaira take-off is causing unease in the banking sector even as the concept note has admitted the project could unsettle banks as it comes with disintermediation risk.
Amid the anxiety, some experts have warned that eNaira is just one of the disruptive technologies banks will need to accept and adapt to; to avoid being overrun.
The launch will put Nigeria on the global Central Bank Digital Currency (CBDC) tracking map as the fifth country to launch a centralised national electronic money after the Bahamas first unveiled its version in 2017.
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