President Muhammadu Buhari is expected to formally unveil Nigeria’s Central Bank Digital Currency (CBDC) known as the eNaira, in Aso Rock, Abuja.

The Central Bank of Nigeria (CBN) Director, Corporate Communications, Mr Osita Nwanisobi, who disclosed this in a statement, said that the launch of the eNaira is a culmination of several years of research work by the apex bank.

According to him, “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,”

 

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