Market News

Hundreds of thousands of Nigerians have opened digital wallets to hold the eNaira, Africa’s first digital currency, but sceptics warn that broad mistrust of the government could hurt its adoption.

With the launch of the eNaira on October 25, Africa’s most populous country became the latest country to launch a digital currency, leapfrogging many other central banks around the world. France, China and Germany are all testing e-currencies. Six Caribbean countries have already launched digital currencies.

In a sign of how the development of official digital currencies is gathering speed, the G7 group of advanced economies last month laid out guidelines to ensure the currencies will “support and do no harm” to the traditional monetary and financial system......