Nigeria Unveils a Chinese-Style Digital Currency Platform

Nigeria’s President, Muhammadu Buhari, unveiled the country’s new digital currency platform, eNaira, on Monday. It is Africa’s first virtual currency.

The new service will allow Nigerians to make contactless payments, move money between accounts and manage their accounts virtually. Unlike other digital currencies, however, the eNaira isn’t an unregulated cryptocurrency. Instead, it will be pegged to the naira itself, which means its value will also fluctuate against the U.S. dollar.

This marketing content will be shown in place of your protected content to anyone who is not allowed to read the post…

  • Get a daily email packed with the latest China-Africa news and analysis.
  • Read exclusive insights on the key trends shaping China-Africa relations.
  • Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.

China, Africa and the Global South... find out what’s happening.

Subscribe today for unlimited access.

OR

Already a subscriber? Log in Click Here to Learn More

The post Nigeria Unveils a Chinese-Style Digital Currency Platform appeared first on The China Africa Project.



source https://chinaafricaproject.com/2021/10/26/nigeria-unveils-a-chinese-style-digital-currency-platform/

Comments

Post a Comment

Popular posts from this blog

First U.S. Conservatives Thought IMF SDRs Would Bolster China, Now Some Say It’s The Solution to Countering Beijing

U.S. conservatives can’t seem to agree if the issuance of IMF Special Drawing Rights (SDRs) is a “bail-out” for China, or a tool to counter Beijing’s growing influence in the Global South. Get a daily email packed with the latest China-Africa news and analysis. Read exclusive insights on the key trends shaping China-Africa relations. Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South. China, Africa and the Global South... find out what’s happening. Subscribe today for unlimited access. Monthly $15/mo OR Yearly $149/yr (17% Savings) Already a subscriber? Log in Click Here to Learn More The post First U.S. Conservatives Thought IMF SDRs Would Bolster China, Now Some Say It’s The Solution to Countering Beijing appeared first on The China Africa Project . source https://chinaafricaproject.com/2021/09/23/first-u-s-conservatives-thought-imf-sdrs-would-bolster-china-now-some-say-its-the-soluti...
Read more

A Groundbreaking New Report Provides Unprecedented Insights Into Chinese Lending Practices Around the World

A new report provides an unprecedented view into Chinese loan contracts with dozens of governments throughout the Global South. Researchers from AidData, the Kiel Institute, and the Center for Global Development analyzed 100 contracts between Chinese state-owned entities and government borrowers in 24 countries and then compared the terms of those contracts with those of other bilateral, multilateral and commercial creditors. China’s lending practices are notoriously opaque and until now very few people other than key principals involved in the actual loans have had the opportunity to review these contracts in detail so as to better understand the specific legal terms and how they’re structured. What the research team discovered is that China is “a muscular and commercially-savvy lender” who employs contract terms that are in many ways quite similar to those of other international creditors. However, they did note a number of key differences that highlight how China structures its d...
Read more

New Copper/Cobalt Trade Corridors Take Shape to Serve as Alternative to South Africa

Zambia, the Democratic Republic of Congo, and Angola  will set up  an agency to manage a logistics corridor linking them to Angola’s Lobito port. The move comes as South Africa’s Durban port has faced repeated delays. A concession  to manage the corridor was recently granted to Portugal’s Mota-Engil, which is  co-owned  by China Communications Construction Co. Lobito port itself  will be run  by the Chinese giants CITIC and Shandong Ports Group.  (CHINA-LUSOPHONE BRIEF) Get a daily email packed with the latest China-Africa news and analysis. Read exclusive insights on the key trends shaping China-Africa relations. Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South. China, Africa and the Global South... find out what’s happening. Subscribe today for unlimited access. Monthly $15/mo OR Yearly $149/yr (17% Savings) Already a subscriber? Log in Click Here ...
Read more