Nigeria Digital Currency: Buhari to launch E-Naira on Monday

Nigeria Digital Currency: Buhari to launch E-Naira on Monday
President Muhammadu Buhari will unveiled the E-Naira, Nigeria’s digital currency at the Presidential Villa in Abuja on Monday 25th of October 2021.

The Central Bank of Nigeria (CBN) disclosed this in a statement issued on Saturday by its Director of Corporate Communications, Osita Nwanisobi.

The CBN suspended the launch of the digital currency earlier slated for October 1 after a firm, E-Naira Payment Solutions Limited, sued the apex bank over trademark infringement.

The statement said: “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 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.”

“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 digital currency.”

Matters Arising ealier reported on all you have to know about Nigeria’s digital currency eNaira open of which is that it will serve as a non-interest bearing currency and won’t serve as a hedge to escape inflation which many have used Bitcoin and Ethereum as.

Read Also >> Everything you need to know about E-Naira (Nigeria’s Digital Currency)

The report also noted that the Central Bank of Nigeria Nigerians won’t be charged by the financial institution for the utilisation of the eNaira through POS or the banks.

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