By Chioma Iruke
Nigeria’s President, Muhammadu Buhari will on Monday formerly unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira at the State House, Abuja, the nation’s Central Bank of Nigeria (CBN) has disclosed.
The apex bank gave this hint on Saturday in a statement signed by its Director, Corporate Communications, Osita Nwanisobi, stating that the digital currency will be launched with the theme, “Same Naira, More Possibilities”.
The launch of the eNaira on Monday, October, 25, 2021, is a culmination of several years of research work by the CBN 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 CBN stated earlier that the eNaira is meant to create a secure and cost-effective process for remittance inflow to the country, amongst other benefits.
The apex bank also stated that eNaira’s usability would definitely improve as Nigerians without internet-enabled phones would be able to transact without having to subscribe to data or having an internet-enabled phone.
