CBN’s eNaira finally gets a new launch date

After the postponement of the initial launch, the Central Bank of Nigeria’s (CBN) digital currency, eNaira, will be unveiled on October 25th, 2021.

This was announced in a statement by CBN’s Director, Corporate Communications, Osita Nwanisobi, on Saturday.

According to the statement, President Muhammadu Buhari will unveil the digital currency at the State House on Monday, at the State House, Abuja.

He 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 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 statement said the unveiling marked the first step in that journey, which would continue with a series of further modifications, capabilities and enhancements to the platforms.

The CBN stated that it would continue to work with relevant partners to ensure a seamless process that would benefit every user, particularly those in the rural areas and the unbanked population.

“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 CBN said.

Following Monday’s formal launch by the President, the CBN stated that it would further engage various stakeholders as it entered a new age consistent with global financial advancement.

It added that the theme of the eNaira is ‘Same Naira, more possibilities,’ and that more details could be got on recalls that the CBN had earlier fixed October 1st for the launch of eNaira which was postponed due to other key activities lined up to commemorate the country’s 61st Independence Anniversary.

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