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e-Naira, Nigeria’s digital currency, set to be launched Monday by Buhari

After several postponements, the much-anticipated eNaira will make its expected debut as President Muhammadu Buhari is expected to launch the e-currency tomorrow at the Presidential Villa Abuja.

A statement by the Central Bank of Nigeria (CBN) yesterday said the launch of the eNaira is a culmination of several years of research work by the Apex Bank in advancing the boundaries of payments system in order to make financial transactions easier and seamless for every strata of the society.

The launch is expected to formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira.

The CBN noted that 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.

It added that 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.”

It stressed that accordingly, following Monday’s formal launch by the President, the Bank will further engage various stakeholders as the country enters a new age consistent with global financial advancement.

The theme of the eNaira is: “Same Naira, more possibilities.”