President Muhammadu Buhari will formally unveil the Nigerian Central Bank Digital Currency, known as the eNaira, at the State House, Abuja.
The Central Bank of Nigeria (CBN) Director, Corporate Communications, Mr Osita Nwanisobi, who disclosed this in a statement, said that the launch of the eNaira is a culmination of several years of research work by the apex bank.
Nwanisobi, stated 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.
He informed that: “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.”
The apex bank said that following Monday’s formal launch by President Buhari, it will further engage various stakeholders as it enters a new age consistent with global financial advancement, adding that: “The theme of the eNaira is: ‘Same Naira, more possibilities’”. The CBN had earlier said that the eNaira would be launched on October 1, but it announced a postponement on September 30, citing lined up events for the country’s 61st independence anniversary.
The CBN Governor, Mr. Godwin Emefiele, had said that in unveiling the digital money, the bank does not downplay potential risks, adding however that the apex financial regulatory body had put in place appropriate mitigation mechanisms for safer operation.