- ENaira is the Nigerian digital currency issued and regulated by the Central Bank of Nigeria
- Apex bank had postponed the unveiling of the eNaira to October 1, citing key activities planned for the country’s 61st independence anniversary
- CBN describes eNaira as a major breakthrough in the evolution of money and will be available to everyone as a physical Naira
President Muhammadu Buhari on Monday unveiled eNaira, Nigeria’s digital currency, at the Presidential Villa in Abuja.
The Central Bank of Nigeria (CBN) revealed this in a report published on Saturday by its director of corporate communications, Osita Nwanisobi.
The CBN suspended the digital currency launch slated for October 1 after a company, ENaira Payment Solutions Limited, sued the umbrella bank for trademark infringement.
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The press release said:
“After a series of engagements with relevant stakeholders including the banking community, FinTech operators, merchants and a representative sample of Nigerians, the CBN designed the digital currency, which will be activated on Monday, October 25, 2021.
“The eNaira is therefore a big step forward in the evolution of money, and the CBN is committed to making the eNaira, like the physical Naira, accessible to everyone. “
“Since the eNaira is a new product and among the first CBDCs in the world, we have put in place a structure to quickly resolve any issues that may arise during the pilot implementation of digital currency. “
“As a result, following Monday’s official launch by the President, the Bank will further engage a variety of stakeholders as we enter a new era consistent with global financial progress. “
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Osita added that the theme of the eNaira launch is “Even Naira, more possibilities”.
How eNaira will work
Legit.ng had previously reported everything you need to know about the Nigerian digital currency eNaira oen, which it will serve as an interest-free currency and not serve as a hedge to escape inflation, as many have used Bitcoin and Ethereum.
The report also noted that the Central Bank of Nigeria Nigerians will not be charged by the financial institution for using eNaira through outlets or banks.
While Nigerian commercial banks use codes to register their customers for digital currency.