This archive report was first published on 22 September 2021.
On September 22, 2021, Nigeria and Ghana took significant steps towards embracing digital currencies, marking a new era in the global financial landscape.
The Bank of Ghana has partnered with German firm Giesecke+Devrient (G+D) to pilot the e-Cedi, a digital version of the Ghanaian currency. G+D will provide the technology for the trial phase, which will involve local banks, payment service providers, consumers, and others.
Meanwhile, Nigeria has selected global financial technology company Bitt Inc. for its Central Bank Digital Currencies (CBDC) launch, known as 'Project Giant.' The eNaira digital currency is set to be launched on October 1, 2021, and will be issued by the Central Bank of Nigeria (CBN) as legal tender, following the official exchange rate.
CBN governor Godwin Emefiele emphasized the benefits of the eNaira, stating that it will enhance Nigeria's economy in various ways, including cross-border trade and efficient remittance inflows.
China was the first major economy to pilot a digital currency, and since then, five countries have launched digitized currencies, according to the Central Bank Digital Currencies tracker by the Atlantic Council. Other African countries exploring CBDCs include Kenya, South Africa, and Rwanda.
Nigeria has made significant strides in crypto adoption, climbing two steps this year to rank sixth globally, according to blockchain data platform Chainalysis.
