Nigeria Launches eNaira Digital Currency – CBN

e-naira-nigerian-central-bank-digital-currency

According to a circular issued by the Central Bank of Nigeria – CBN, President Muhammadu Buhari will officially launch the e-Naira today, 25 October 2021.

The launch of the e-Naira, Nigeria’s first digital currency, is aimed at making financial transactions easier and seamless.

The CBN also added that adequate measures have been put in place to settle any problem that might arise from the use of the e-Naira.

The full statement from the CBN circular can be read below:

“President Muhammadu Buhari is scheduled to formally unveil the Nigerian Central Bank
Digital Currency (CBDC), known as the eNaira, on Monday 25 October 2021, at the State
House, Abuja.”


“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 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”.”

cbn-circular-on-launch-of-enaira-by-buhari

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