The Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, will officially be unveiled by President Muhammadu Buhari at the State House, Abuja on Sunday.

According to a statement by the Central Bank of Nigeria (CBN), the digital currency was coming after detailed research,  spanning many years. 

It reads that, “the launch of the eNaira is a culmination of several years of research work by the CentralBank 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 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.

“Given that 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.

“The theme of the eNaira is: “Same Naira, more possibilities”.