The Central Bank of Nigeria (CBN) will launch its digital currency, the eNaira, on Monday, Bloomberg reported. Download the eNaira app here.
The eNaira, which is intended to complement the physical Naira rather than replace it, will “make financial transactions easier and seamless for every strata of the society,” the CBN said in emailed statement on Saturday, according to the report.
The launch had originally been set for Oct. 1 to Oct. 4 but was delayed in deference to the 61st anniversary of Nigerian independence on Oct. 1.
Nigerian financial officials have struggled with cryptocurrency’s rising use in the country. Nigeria banned crypto transactions within the banking sector in February and four months later announced plans to introduce the eNaira.
The eNaira will be accompanied by a wallet sanctioned by the CBN that users can either link to their bank accounts or pay as they go with a prepay option, according to the CBN web site.
The President, Major General Muhammadu Buhari (retd.), will formally unveil the Nigerian Central Bank Digital Currency, known as the eNaira, on Monday, at the State House, Abuja.
The Director, Corporate Communications, CBN, Osita Nwanisobi, said this in a statement on Saturday titled ‘President Buhari to unveil eNaira on Monday, 25 October 2021.’
It stated that 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 payment system in order to make financial transactions easier and seamless for every stratum of the society.
The statement said, “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 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 statement said the unveiling marked the first step in that journey, which would continue with a series of further modifications, capabilities and enhancements to the platforms.
The CBN stated that it would continue to work with relevant partners to ensure a seamless process that would benefit every user, particularly those in the rural areas and the unbanked population.
“Since the eNaira is a new product, and among 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,” the CBN said.
Following Monday’s formal launch by the President, the CBN stated that it would further engage various stakeholders as it entered a new age consistent with global financial advancement.
It added that the theme of the eNaira is ‘Same Naira, more possibilities,’ and that more details could be got on enaira.gov.ng.
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