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Digital Money is Here to Stay as Nigeria Becomes First African Nation to Introduce its Digital Money

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While many African states are yet to initiate studies on the possibility of introducing a digital currency, the Central Bank of Nigeria joined a growing list of emerging markets betting on digital money to cut transaction costs and boost participation in the formal financial system.

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“Nigeria has become the first country in Africa, and one of the first in the world to introduce a digital currency to her citizens,” President Muhammadu Buhari said in televised speech at the launch in Abuja, the capital. “The adoption of the central bank digital currency and its underlying technology, called blockchain, can increase Nigeria’s gross domestic product by $29 billion over the next 10 years.”

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