FG to unveil eNaira Monday, says CBN

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On Monday, at the State House in Abuja, President Muhammadu Buhari (retd.) will publicly reveal the Nigerian Central Bank Digital Currency, known as the eNaira.

President Buhari will announce the eNaira on Monday, October 25th, 2021, according to Osita Nwanisobi, Director of Corporate Communications at the Central Bank of Nigeria.

The statement said, “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.”

The launch, the statement stated, marked the first step in the eNaira journey, which will continue with a succession of additional adjustments, features, and additions to the platforms.

The CBN added that it would continue to collaborate with key partners to guarantee a seamless procedure that benefits all users, including those in rural areas and the unbanked.

“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.

Following the President’s ceremonial launch on Monday, the CBN indicated that it will continue to engage numerous stakeholders as it entered a new era in line with global financial progress.

It went on to say that the eNaira’s theme is “Same Naira, More Possibilities,” and that more information can be found at enaira.gov.ng.

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