Following the ban on dealing in or facilitating transactions in cryptocurrencies amongst financial institutions, the Central Bank of Nigeria announced that it will launch the country’s digital currency, eNaira today, October 25 at the State House, Abuja.
In a statement issued by the Central Bank of Nigeria (CBN), “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 in order to make financial transactions easier and seamless for every stratum of the society.”
“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 statement further indicated.
About the eNaira
Believing cryptocurrencies such as Bitcoin, Etherium and dogecoin could pose a threat to the country’s financial system, the Central Bank of Nigeria announced plans to introduce its digital currency eNaira four (4) months after banning cryptocurrency transactions in February.
In August, CBN partnered with Bitt Incorporated, (a Barbados-based global financial software company that catalyzes the transformation from traditional to digital currency systems) to help create the digital currency, eNaira.
Following the creation of the eNaira, the unveiling of the digital currency was slated for October 1, 2021. The Central Bank of Nigeria had, however, postponed the launch owing to what it says was the lineup of other national events to mark the country’s 61st Independence anniversary.
The launch of the eNaira is scheduled to take place this day, October 25. This launch will brand Nigeria as the fifth country to launch a centralized national digital currency after the Bahamas first unveiled its version in 2017.
According to Osita Nwasinobi, spokesperson of the Central Bank of Nigeria, the unveiling marks the first step in the country’s digital currency space hence it will “continue with a series of further modifications, capabilities, and enhancements to the platforms”.
Other countries, keen on embracing this tech revolution are in various stages of the trend. South Korea, Sweden, Cambodia, the Bahamas, and Hong Kong are amongst the few countries with pilot programs of their digital currencies.
Ghana is also positioning itself to make available the e-Cedi to offline users.
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The theme for the eNaira launch is “Same Naira, more possibilities.”