Nigeria will launch eNaira, the digital version of its currency, on Monday

The Central Bank of Nigeria reported on Sunday that Nigeria will unveil a digital version of its currency, eNaira, after postponing its launch in early October.

“President Muhammadu Buhari will officially introduce the digital currency of the Central Bank of Nigeria known as eNaira on Monday, October 25,” the statement said.

This digital currency “must be activated” on the same day.

Across the world, central banks are looking to create digital versions of their currencies in the face of the growth of online payments and competition with cryptocurrencies that evade state control or global regulators.

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With this launch, Nigeria, Africa’s first economy by GDP and the most populous country on the continent, with over 200 million people, has become the continent’s leader.

Ghana, which has been testing E-Cedi since September, has also moved in the same direction as a new form of monetary exchange.