Nigeria is set to launch the electronic version of its local currency, e-Naira, on October 1st, due to the growing use of cryptocurrencies in the African country, said the Central Bank of Nigeria (CBN) To achieve this, Nigeria partnered with Bitt Inc., a US fintech company, in order to allow Nigerians to download the e-Naira app and fund their mobile wallets using their existing bank accounts.
According to CBN, the country's economy should benefit from this cryptocurrency, thanks to improved trade with foreign countries. In 2020, Nigeria ranked third worldwide in terms of cryptocurrency usage, according to a study conducted by Statista, a specialist research company.
