President Buhari Unveils eNaira Monday, Oct 25 In Abuja

BY CHINYERE OBIORA, LAGOS – President Muhammadu Buhari will on Monday, October 25, 2021, formally unveil the Nigerian Central Bank Digital Currency (CBDC), also known as the eNaira, as an official medium for transactions in the country.

According to the CBN, the eNaira launch theme is: “Same Naira, more possibilities” and the event will take place inside the Presidential Villa, State House, Abuja.

It explained that launch is a culmination of several years of research work by the CBN towards advancing the boundaries of the payments system and making financial transactions easier and seamless for every strata of society.

The digital currency was designed by the apex bank’s management following a series of robust engagements and consultations with relevant stakeholders, including the banking community, Fintech operators, merchants, and indeed, a cross section of Nigerians

Instructively, the eNaira marks a major step forward in the evolution of money and the CBN said it is committed to ensuring 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, according to the Director of Corporate Communications, CBN, Osita Nwanisobi.

Nwanisobi said in a signed statement that the apex bank 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.

“Accordingly, following Monday’s formal launch by the President, the Bank will further engage various stakeholders as we enter a new age consistent with global financial advancement.”

The apex bank’s spokesman therefore urged members of the public to visit the CBN website in order to explore full benefits of the nation’s eNaira