Cryptocurrency

CBN: President Buhari to unveil eNaira October 25

The Central Bank of Nigeria (CBN) has launched a website for the operations of eNaira, the country’s first digital currency. The website, www.enaira.com, started running on Monday, though still at the development stage.

After over three weeks of postponement, President Muhammadu Buhari will now unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25 October 2021, at the State House, Abuja.

The CBN Spokesman, Osita Nwanisobi, who disclosed this in a statement, added that the theme of the eNaira is: “Same Naira, more possibilities”.

According to him, 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 the payments system in order to make financial transactions easier and seamless for every stratum of the society.

“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”, he said.

He added that since 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. “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.

“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”, he added.

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