President Muhammadu Buhari will now launch the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, on Monday, October 25, 2021, at the State House in Abuja, after a three-week delay.
The CBN’s spokesman, Osita Nwanisobi, revealed this in a statement, and noted that the eNaira’s slogan is “Same Naira, More Possibilities.”
According to him, the eNaira is the conclusion of several years of research work by the Central Bank of Nigeria in pushing the boundaries of the payments system in order to make financial transactions easier and more seamless for all strata of society.
“Following a series of engagements with relevant stakeholders including the banking community, fintech operators, merchants, and indeed, a cross-section of Nigerians, the CBN designed the digital currency, which shall be activated on Monday, October 25, 2021.
“The eNaira, therefore, marks a major step forward in the evolution of money and the CBN is committed to ensuring that the eNaira, like the physical Naira, is accessible by everyone”, he said.
He noted that, because the eNaira is a journey, the unveiling is the first step in that trip, which will continue with a series of additional adjustments, capabilities, and platform advancements. “The CBN will continue to work with relevant partners to ensure a seamless process that will benefit every user, particularly those in the rural areas and the unbanked population.
“Since the eNaira is a new product, and amongst the first CBDCs in the world, we have put a structure to promptly address any issue that might arise from the pilot implementation of the eNaira.
Accordingly, following Monday’s formal launch by the President, the Bank will further engage various stakeholders as we enter a new age consistent with global financial advancement”, he added.
