Nigeria: Buhari to Launch e-Naira As CBN Announces New Commencement Date

23 October 2021

The launch will take place at the State House, Abuja.

President Muhammadu Buhari will on Monday formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira.

The Central Bank of Nigeria had earlier announced the launch of the digital currency on October 1 but postponed the launch citing lined up events for the country's 61st independence anniversary.

A statement Saturday by the spokesperson of the bank, Osita Nwasinobi, said the launch will take place at the State House, Abuja.

"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 payments system in order to make financial transactions easier and seamless for every strata of the society," the statement said.

"Following a 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," Mr Nwasinobi said.

He said 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.

The bank said it has put in place a structure to promptly address any issue that might arise from the pilot implementation of the eNaira since the currency is a new product, and amongst the first CBDCs in the world.

"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 theme of the eNaira is: "Same Naira, more possibilities," he said.

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