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Nigeria To Unveil Digital Currency, eNaira Monday – CBN

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eNaira, CBN, Digital currency, naira

The Central Bank of Nigeria, CBN, has said that Nigeria will unveil its digital currency, eNaira on Monday.

With the theme, ‘Same Naira, more possibilities,’ the unveiling will hold on the 25th of October, 2021.

 The Announcement:

Director, Corporate Communications, CBN, Osita Nwanisobi, said this in a statement today.

According to him, the president of Nigeria, Muhammadu Buhari will do the unveiling.

He said eNaira is a result of extensive research by the CBN who sought out to make financial transactions by Nigerians seamless.

The statement reads thus:

“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, which shall be activated on Monday, October 25, 2021.

“The eNaira, therefore, marks a major step forward in the evolution of money.

It added that the CBN would always ensure that everyone has seamless access to the eNaira.

the statement also noted that the eNaira would function like the physical Naira.

Later modifications:

The CBN also stated that the digital currency would undergo series of modifications even as the currency enters mega circulation.

Also, the apex bank noted that it would continue to work with relevant partners to ensure a seamless process.

It said the process would benefit every user, particularly those in the rural areas and the unbanked population.

“…the eNaira is a new product, and among the first CBDCs in the world.

READ ALSO: Court Okays Nigeria’s Digital Currency, eNaira Launch As Company Sues CBN

“We have put a structure to promptly address any issue that might arise from the pilot implementation of the eNaira.”

CBN postponed earlier launch date:

Recall that the CBN had severally shifted the eNaira launch date, with the last one being October 1st.

In a statement by CBN’s spokesperson, Osita Nwanisobi, it shifted the launch date which was on Nigeria’s Independence Day Celebration.

CBN said it shifted the date from October 1st to avoid interfering with Nigeria’s 61st independence anniversary celebration.

“The CBN took the decision to postpone the launch, which had been initially planned to coincide with the Independence anniversary, in deference to the mood of national rededication to the collective dream of One Nigeria,” he said.

Implication:

After the unveiling of the eNaira by the president, Nigerians will start using the digital currency full time.

Also, people would be able to transact with the digital currency just like the paper naira.

Anthony Chinonso Ogbonna is the editor of Techuncode media. He is a seasoned journalist whose stint cuts across broadcast, print and, especially, the online media. A graduate of Mass Communication from the University of Nigeria, Nsukka (UNN), Anthony holds a Masters Degree in Multimedia Journalism. He aligns his belief with those of world tech communities, holding tenaciously that the world is solely driven and can only be best with tech. Furthermore, Anthony believes that technology is simple, fun and is not what one, especially Africans, should be scared of, hence, his passion for telling compelling stories about tech in ways relatable to the ordinary user. He has his hobbies in reading and designing (new hobby though.)

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