DIGITAL CURRENCY: Nigeria’s President Muhammadu Buhari unveil the long awaited e-Naira on Monday 25 October 2021

Muhammadu Buhari President of Nigeria

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.