Nigerian President Muhammad Buhari will officially introduce the much-anticipated digital currency of the central bank (CBDC), known as eNaira, on October 25, 2021.
The Central Bank of Nigeria (CBN) first announced the launch of eNaira in June 2021. It banned banks and financial institutions from brokering crypto transactions. CBN worked with Bitt Inc, a Barbados-based fintech startup, to create the digital currency.
The Central Bank of Nigeria has postponed the introduction of the CBDC
The launch of eNaira was originally scheduled for early October to mark the 61st anniversary of Nigeria’s independence, which falls on October 1. However, the Central Bank of Nigeria failed to implement the CBDC by this deadline. The Office later issued a document entitled “The Design Paper for the E-naira”, in which it reaffirmed its commitment to launch eNaira. It also states that it is now ready to launch its CBDC.
While CBN downplays the consequences of the delay compared to the plan, it emphasizes the importance of doing things right the first time and how this will ensure the long-term success of eNaira.
“While the launch of e-naira is an important event, it is only one milestone on the long road. E-naira is a process, not a single step. The CBN believes that over time, the robust ecosystems that will be built on the e-naira platform will ensure that Nigeria and Nigerians reap the full benefits of e-naira. ”
eNaira will finally be launched
So the Central Bank of Nigeria is finally ready to launch its digital currency. On Saturday, the office issued a statement to that effect.
CBN described the launch of eNaira as “the culmination of several years of research by the Central Bank of Nigeria in pushing the boundaries of the payment system to make financial transactions easier and seamless for all sections of society.”
It goes on to say that the launch is the first step on eNaira’s path. It will then go through a number of other modifications, options and improvements.
CBN also undertakes to continue working with relevant partners to ensure a smooth process that benefits every user, especially those in rural areas and the non-banking population. The Office also states that it has built a structure that will immediately address any problem that may arise in connection with the pilot launch of eNairy, given that it is a new product that is one of the first CBDC in the world.
According to the official website, eNaira will be delivered with a wallet approved by CBN. Users will be able to either link it to their bank accounts or use the subscription option. The main purpose of eNaira is to supplement the physical naira, not to replace it.