President Muhammadu Buhari is scheduled to formally unveil Nigeria’s Central Bank Digital Currency, CBDC, known as the eNaira. This is contained in a statement made available on by the apex bank.
The launch of the eNaira is a culmination of several years of research work by the Central Bank of Nigeria, CBN in advancing the boundaries of payments system in order to make financial transactions easier and seamless for every strata of the society.
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Following 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.
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.
Since the eNaira is a new product, and among the first CBDCs in the world, the CBN says it has put a structure to promptly address any issue that might arise from the pilot implementation of the eNaira.
(Editor: Terverr Tyav)
