eNaira Will Be Launched On Monday, CBN says 

According to CBN, digital currency will make financial transactions easier and more seamless for people from all walks of life.

By Omotayo Olutekunbi

The Central Bank of Nigeria (CBN) has stated that the Federal Government will introduce its digital currency, the eNaira, on Monday, October 25, 2021.

On Saturday, October 23, 2021, the apex bank issued a statement through its Director of Corporate Communications, Osita Nwanisobi.

According to CBN, digital currency will make financial transactions easier and more seamless for people from all walks of life.

The statement reads, “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.”

The unveiling of the currency, according to the announcement, was the first step in a journey that would continue with a number of additional platform upgrades, functionalities, and enhancements.

CBN also stated that it will continue to collaborate with key partners to guarantee a smooth process that benefits all users, particularly those in rural areas.

“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 said.

More information about the eNaira can be found at enaira.gov.ng, according to CBN.