President Buhari to launch eNaira tomorrow

Latest news about the eNaira

President Muhammadu Buhari will tomorrow, Monday, October 25, 2021 launch the much-anticipated eNaira at the Presidential Villa months after it barred banks and financial institutions from dealing in or facilitating transactions in digital currencies.

According to a statement issued by the Central Bank of Nigeria on Saturday, the launch of the eNaira is the culmination of several years of research work by the Apex Bank in pushing the boundaries of the payments system in order to make financial transactions easier and more seamless for all strata of society.

The Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, will be publicly unveiled at the launch.

The CBN stated that the digital currency was created after a series of discussions with relevant stakeholders such as the banking community, fintech operators, merchants, and a cross section of Nigerians.

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, stated that the eNaira will function as a wallet against which users may hold current cash in their bank accounts.

“The eNaira therefore marks a major step forward in the evolution of money and the CBN is committed in ensuring that the eNaira, like the physical Naira, is accessible by everyone.

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” the bank said in a statement.

It stressed that accordingly, following Monday’s formal launch by the President, the Bank will further engage various stakeholders as the country enters a new age consistent with global financial advancement.

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