Nigeria will launch a digital currency, the eNaira, from Monday.
The country’s central bank announced the move on Sunday months after it barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies.
Central Bank of Nigeria Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account.
“The eNaira therefore marks a major step forward in the evolution of money and the CBN is committed in ensuring that the eNaira, like the physical Naira, is accessible by everyone,” the bank said in a statement.
Nigeria has named Barbados-based Bitt Inc as a technical partner in developing the eNaira.
Nigeria has seen a boom of cryptocurrencies as people look for ways to avoid the weakening naira currency and counter soaring costs of living and unemployment in Africa’s most populous country.