Buhari Launches eNaira Monday

President Muhammadu Buhari is scheduled to formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, tomorrow at the State House, Abuja.

The theme of the eNaira is: “Same Naira, more possibilities.” The CBN,in a statement yesterday by its Corporate Communications Director Osita Nwanisobi, said the launch of the eNaira is a culmination of several years of research work by the apex bank in advancing the boundaries of payments system in order to make financial transactions easier and seamless for every strata of the society.

The CBN designed the digital currency following series of engagements with relevant stakeholders including the banking community, fintech operators, merchants and other stakeholders. Nwanisobi said the eNaira “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.”

Nwanisobi explained that 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 CBN will continue to work with relevant partners to ensure a seamless process that will benefit every user, particularly those in the rural areas and the unbanked population.

Since the eNaira is a new product, and amongst 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,” he added. The CBN is expected to further engage various stakeholders after tomorrow’s launch.