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CBN: Buhari to unveil eNaira Monday

President Muhammadu Buhari will formally unveil the Central Bank of Nigeria’s (CBN) Digital Currency, known as the eNaira, tomorrow, at the State House, Abuja, the apex bank has said.

The Director, Corporate Communications, CBN, Osita Nwanisobi, who announced this in a statement yesterday, titled, “President Buhari to unveil eNaira on Monday, 25 October 2021,” said that the launch of the eNaira was a culmination of several years of research work by the CBN in advancing the boundaries of payment system in order to make financial transactions easier and seamless for every stratum of the society.

The statement partly reads: “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.” The regulator also said 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,” adding that 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.”

The CBN further stated that since the eNaira is a new product, and amongst the first Central Bank Digital Currencies (CBDCs) in the world, it had put a structure to promptly address any issue that might arise from the pilot implementation of the eNaira.

The apex bank said that following Monday’s formal launch by President Buhari, it will further engage various stakeholders as it enters a new age consistent with global financial advancement, adding that: “The theme of the eNaira is: ‘Same Naira, more possibilities’”. Sunday Telegraph reports that the CBN had earlier said that the eNaira would be launched on October 1, but it announced a postponement on September 30, citing lined up events for the country’s 61st independence anniversary.

 

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