Buhari Will Launch e-Naira Tomorrow

CBN won’t bear losses caused by the eNaira website

CBN won’t bear losses caused by the eNaira website

President Muhammadu Buhari will launch the e-Naira, also called Nigerian Central Bank Digital Currency (CBDC), on Monday, 25 October. This is contained in a statement signed by Osita Nwanisobi, the Central Bank of Nigeria (CBN) Director of Corporate Communications, on Saturday, October 23.

It is a CBN-issued digital currency that provides a unique form of money denominated in Naira. 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. e-Naira, as CBN explained, has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.

It was to have been launched on 1 October, Independence Day, but this did not happen because of what CBN called “key activities lined up” for the day.

Here is the statement by CBN:

“President Muhammadu Buhari is scheduled to formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25 October 2021, at the State House, Abuja,” the statement said.

“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 the payments system in order to make financial transactions easier and seamless for every stratum of the society.

“Following a 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.

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“The e-Naira, 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 e-Naira 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 e-Naira 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 e-Naira.

“Accordingly, following Monday’s formal launch by the President, the Bank will further engage various stakeholders; as we enter a new age consistent with global financial advancement.

“The theme of the e-Naira is: “Same Naira, more possibilities”.