Nigeria Plans to Restart the eNaira

The Central Bank of Nigeria introduced at the end of 2021 the national digital currency in test mode. However, the adoption rate of the CBDC remains extremely low, despite the fact that the authorities of this African state are taking measures to encourage the population and businesses to switch to the eNaira token as soon as possible.

The Central Bank of Nigeria will try to restart its CBDC project, and US blockchain company R3 has been chosen as a partner.

The company will help the Nigerian authorities to create a special software for the CBDC. With its help, the regulator will be able to control all movements of funds in digital currency and ensure the security of transactions.

Nigeria has become the first African country to issue a CBDC.