The President of the Federal Republic of Nigeria, President Muhammadu Buhari is set to formally unveil Nigeria's first Central Bank Digital Currency(CBDC), eNaira on Monday 25th October, 2021, in the state house. The Digital currency which was supposed to be launched on 1st October, 2021, to mark Nigeria's 61st independence, has finally been set for launch after about three weeks postponement.
It stated that the launch of the eNaira is the accumulative result of the various years of research of the Central Bank of Nigeria in advancing the boundaries of payment systems in order to make financial transaction easier and less difficult for even the smallest unit or member of the society.
The statement read; " Following series of engagement with relevant stakeholders including the banking community, fintech operators, merchants and a cross section of Nigerians, the Central Bank designed the digital currency which will be launched on Monday, 25th October, 2021."
"The digital currency however marks a step forward in the evoluion of money in Nigeria and the CBN is committed to ensuring that the eNaira, like the physical Naira, is easily accessible to everyone. This is a major milestone as this digital currency is subject to further improvement, capabilities and enhancement to suit our citizens better if necessary."
The CBN said that it would continue to work with relevant partners to ensure a seamless process that will benefit all especially those in the rural area and the unbanked population.
" Since the eNaira is among the first CBDCs in the world, we have put in place various instruments to address any issues that may arise from the implementation and usage of the eNaira." The CBN said.
The statement concluded by adding that the theme for the eNaira is " Same Naira, more possiblities," and that more information about the currency can be gotten from their website.What do you think about the new digital currency?
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