As early as October 1, the Central Bank of Nigeria (CBN) may begin testing its central bank digital currency (CBDC) called e-naira. CBDC will make cash more accessible and allow Nigerians to join in the country's burgeoning e-commerce economy. The enormous volume of remittances received by Nigeria also motivates the central bank.
Nigeria has stated that a prototype phase of their e-naira will begin in 2021. It is the second country in West Africa to declare plans for a digital currency. By September, the Bank of Ghana will begin testing its digital cedi. India also announced last week that it may soon begin testing its digital rupee.
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