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Buhari to unveil e-Naira October 25 in Abuja, says CBN

President Muhammadu Buhari, GCFR

*The Central Bank of Nigeria President announces President Muhammadu Buhari is scheduled to formally unveil the country’s Central Bank Digital Currency (CBDC), called e-Naira Monday, October 25, 2021, following earlier engagements with relevant stakeholders in the banking community, FinTech ecosystem, merchants, and cross-sections of Nigerian consumers

Gbenga Kayode | ConsumerConnect

In line with the Central Bank of Nigeria’s (CBN) efforts at advancing the boundaries of payments system to make financial transactions easier and seamless for Nigerian consumers, President Muhammadu Buhari is scheduled to formally unveil the country’s Central Bank Digital Currency (CBDC), known as the eNaira, Monday, October 25, 2021, at the State House, Abuja, FCT.

ConsumerConnect reports the Bankers’ Bank noted the scheduled launch of the eNaira, which theme christened “Same Naira, More Possibilities” Monday 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 Nigerian society.

The Nigeria e-Naira has the theme: ‘Same Naira, More Possibilities’    Collage photo: Derountable.Com

Mr. Osita Nwanisobi, Director of Corporate Communications Department at the CBN, in a statement said following series of engagements with relevant stakeholders, including the banking community, Financial Technology (FinTech) operators, merchants, and indeed, a cross-section of Nigerians, the CBN designed the digital currency, which shall be activated October 25.

“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 unveiling marks the first step in that journey, which will continue with a series of further modifications, capabilities and enhancements to the platforms,” the Bank stated.

Nawanisobi further noted that the CBN would continue to work with relevant partners to ensure a seamless process that would benefit every consumer, particularly those in the rural areas and the unbanked population in Nigeria.

According to CBN, 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 apex bank in the country also said after the President Buhari’s formal activation of the eNaira Monday, October 25, it would further engage various stakeholders as the country enters a new age consistent with global financial advancement.

Why introducing eNaira into Nigerian economy?

The CBN has said that organisations and individuals are seeking fast, safe, easy, and cheap means of payment, and that is why eNaira is minted to meet these pressing needs in the economy.

Mr. Godwin Emefiele, Governor of CBN

It stated: “eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.

“eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.”

According to the Bank, eNaira serves as both a medium of exchange and store of value, which offers better payment prospects in retail transactions, when compared to cash payments.

The new medium of exchange and store of value in Nigeria has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money, it noted.

“There are several benefits from a central bank-issued digital currency in Nigeria, and this cuts across different sectors of, and concerns of the economy,” added CBN.

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