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Buhari Unveils CBN’s eNaira On Monday


Ololade-Omosan-Agie

President Muhammadu Buhari will on Monday, October 25 formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, at the State House, Abuja. 

The Director, Corporate Communications Department of the CBN, Osita Nwanisobi, confirmed the development.

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.

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.

The eNaira, according to the apex bank, marks a major step forward in the evolution of money in Nigeria.

He explained that 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 CBN Director explained that the unveiling marks the first step in that journey, which will continue with a series of further modifications, capabilities and enhancements to the platforms. 

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 un-banked population. 

Nwanisobi said, “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.”

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