Postponing the initial launch of the Central Bank’s digital currency; e-Naira from October 1st based on preventing the independence day celebration from outshining its official introduction may be a good idea after all as the searchlight is now back on the country’s first-ever official digital currency.

The e-Naira is in the limelight as all is now set for the statehouse in Abuja, chaired by President Muhammadu Buhari of the Federal Republic of Nigeria to witness the official launch of the Central Bank’s digital currency on Monday 25th October 2021.

This update is coming from a statement released today, Saturday 23rd of October 2021 by the spokesperson of the bank, Osita Nwasinobi.

The e-Naira has been predicted to add new dynamics to the economy as banks continue to integrate platforms on their website

Check out the statement below,

“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 to make financial transactions easier and seamless for every strata of the society,” the statement said.

“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.

“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,” Mr. Nwasinobi said.

 “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 eNaira is: “Same Naira, more possibilities,”

The official statement also assured the CBN’s resolve to 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.

The bank said it has put in place a structure to promptly address any issue that might arise from the pilot implementation of the eNaira since the currency is a new product, and amongst the first CBDCs in the world.

e-Naira’s Blueprint

  • The CBN had said that banks were integral to the establishment of the e-Naira.
  • The framework of e-Naira is such that it entrenches many pipelines of collaboration and further strengthens financial institutions’ core service delivery.
  • eNaira is aimed at complementing traditional Naira as a less costly, more efficient, generally acceptable, safe, and trusted means of payment.
  • The eNaira wallet is required to access, use and hold eNaira. The eNaira will be exchangeable for other Central Bank Digital Currencies.
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