eNaira launched

On October 25, 2021, the Central Bank of Nigeria officially launched the eNaira, making Nigeria one of the first countries globally to introduce a central bank digital currency (CBDC). CBN Governor Godwin Emefiele unveiled the digital currency platform alongside President Muhammadu Buhari, who performed the ceremonial launch at the State House in Abuja. The eNaira was designed as a digital version of the physical naira, backed by the central bank and intended to complement existing payment systems.

The eNaira project emerged from Nigeria's growing digital economy and the CBN's concerns about cryptocurrency adoption among Nigerians. By 2021, Nigeria had become one of the world's largest cryptocurrency markets, with many citizens using digital currencies for remittances and trading despite regulatory restrictions. The CBN had banned banks from facilitating cryptocurrency transactions earlier that year, citing financial stability concerns. The eNaira represented the government's attempt to provide a regulated digital currency alternative while maintaining monetary policy control.