eNaira the New Medium of Exchange in Nigeria

The Central Bank of Nigeria is set to launch its digital currency called eNaira, at the State House, Abuja.

The digital currency was earlier scheduled to be unveiled on October 1, 2021, in commemoration of the nation’s independence, but was suspended by the apex bank, in what was later perceived by the general public as a botched attempt.

The official unveiling would be carried out by President Muhammadu Buhari, the Director, Corporate Communications, CBN, Osita Nwanisobi, disclosed in a statement on Saturday.

The statement was titled, ‘President Buhari to unveil eNaira on Monday, 25 October 2021.’

The CBN had attributed the introduction of the digital currency into the system as a culmination of several years of research work by the apex bank as it seeks to advance the boundaries of the payments system in order to make financial transactions easier and seamless for every stratum of society.

The statement read, “Following series of engagements with relevant stakeholders including the banking community, fintech operators, merchants and 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.”

Neanisobi also noted in the statement that the unveiling of the eNaira marks the first step in that journey, which would continue with a series of further modifications, capabilities, and enhancements to the platforms.

The CBN stated that it would continue to work with relevant partners to ensure a seamless process that would benefit every user, particularly those in the rural areas and the unbanked population.

“Since the eNaira is a new product, and among 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,” the CBN said.

According to the statement, once the digital currency is launched, the CBN would further engage various stakeholders as it entered a new age consistent with global financial advancement.

It added that the theme of the eNaira is ‘Same Naira, More Possibilities’, adding that more details could be got on www.enaira.gov.ng