Nigeria launches digital currency

Nigerian President Muhammadu Buhari, centre, and Central Bank governor Godwin Emefiele, right, during the launch of a digital currency in Abuja (Sunday Aghaeze/Nigeria State House via AP)

Nigeria has launched a digital currency which the Central Bank of Nigeria says is a “major step forward in the evolution of money” in Africa’s most populous country.

President Muhammadu Buhari said at the launch that the digital currency and the blockchain technology it uses can foster economic growth and increase the GDP of Nigeria’s economy, one of Africa’s biggest, by 29 billion dollars (£21 billion) over the next 10 years.