FG Launches eNaira Tomorrow

FG Launches eNaira Tomorrow

The much-anticipated eNaira is set to make its debut tomorrow at the Presidential Villa, where President Muhammadu Buhari is slated to announce the e-currency.

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 all strata of society, according to a statement released by the CBN yesterday.

The eNaira, the Nigerian Central Bank Digital Currency (CBDC), is set to be unveiled at the event.

The CBN noted that 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 represents a significant step forward in the evolution of money, according to the CBN, which is committed to ensuring that the eNaira, like the actual Naira, is available to all.

“Because the eNaira is a journey, the unveiling is only the first step in that trip, which will continue with a series of additional platform modifications, features, and advancements.” The CBN will continue to collaborate with key partners to guarantee a smooth process that benefits all users, including those in rural areas and those who are unbanked.

We have put in place a system to quickly handle any issues that may come from the pilot implementation of the eNaira because it is a novel product and one of the first CBDCs in the world.”

It stated that, following the President’s ceremonial introduction on Monday, the Bank will continue to engage diverse stakeholders as the country enters a new era of global financial advancement.

“Same Naira, More Possibilities” is the theme of the eNaira.

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