President Muhammadu Buhari is scheduled to formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25 October 2021, at the State House, Abuja.

This is according to a notification by the Central Bank of Nigeria, signed by its Director, Corporate Communications, Osita Nwanisobi, stating that the digital currency will be launched with the theme, “Same Naira, more possibilities”.

The announcement of the launch of the digital currency is coming after an earlier postponement by the apex bank.

What the CBN is saying

The CBN statement reads in part;

“The launch of the eNaira is a culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of payments system in order to make financial transactions easier and seamless for every strata of the society. Following 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.

Given that the eNaira is a journey, the unveiling marks the first step in that journey, which will continue with a series of further modifications, capabilities and enhancements to the platforms. 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.”

In case you missed it

  • Recall that earlier, the CBN had announced a postponement of the launch of Nigeria’s digital currency, the eNaira, previously scheduled to hold on October 1, 2021.
  • However, Nairametrics in an exclusive report, uncovered that the unanticipated surge in visits on the website of the Central Bank’s eNaira initiative led to the sudden postponement of the launch.
  • Amid heated litigation over its trademark infringement on the name “eNiara,” a Federal High Court in Abuja had given the nod for the Central Bank of Nigeria’s rollout of its digital currency.

Note: This content is provided and owned by the nairametrics.com

Source: President Buhari to unveil eNaira on Monday, October 25 – Nairametrics

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