Nigeria to Launch eNaira on Monday, Says CBN
President Muhammadu Buhari will unveil Nigeria digital currency, the eNaira, on Monday in Abuja, Central Bank said in a statement posted on its website at the weekend. The apex bank has shifted the launch of the local digital currency twice before the final decision to roll out on Monday is concluded.
Read Also: eNaira, Nigeria’s Digital Currency, Goes Live ahead of CBN Plan
The launch of the local digital currency comes a few months after it barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies.
Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account. It is the digital form of the Naira and will be used just like cash.
“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,” the bank said in a statement.
CBN said in the statement that 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.
It added that 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 the payments system in order to make financial transactions easier and seamless for every stratum of the society.
The decision to launch comes following a series of engagements with relevant stakeholders including the banking community, fintech operators, and 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, the apex bank added.
It noted that 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 said it 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”, CBN said.
CBN said the monetary authority will further engage various stakeholders as Nigerians enter a new age consistent with global financial advancement. #Nigeria to Launch eNaira on Monday, Says CBN
