President Muhammadu Buhari, unveils the Nigeria’s CBDC

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Key takeaways:

  • On October 25, 2021, Nigerian President Muhammadu Buhari is set to officially debut the country’s central bank digital currency (CBDC).
  • The ceremonial event celebrating the debut of the e-naira will be placed at President Muhammadu Buhari’s official residence.
President Muhammadu Buhari, Unveils The Nigeria'S Cbdc

According to a statement released by the Central Bank of Nigeria, the ceremonial event honouring the introduction of the e-naira would most likely take place at Buhari’s official house. After the preliminary launch was postponed due to various issues, the CBN claims in the statement that it has done enough to prepare for the launch this time. On October 2, the Nigerian Federal High Court allowed the use of a CBDC as legal money.
“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 CBN insists that the CBDC will be available to everyone, describing the e-naira debut as a big step forward in the evolution of money. Meanwhile, the statement claims that the CBN, aware that this will be one of the first CBDCs, has already put a framework to quickly address any issues that may arise during the trial implementation. Simultaneously, the central bank said it would continue collaborating with key partners to guarantee a smooth process that benefits all users, including those in rural regions and the unbanked.
“The Central Bank Digital Currency (CBDC) will also make it easier for the banking system to comply with existing laws such as anti-money laundering, customer protection against fraud and ensuring the safety and stability of the payment system.”
Folashodun Shonubi, the bank’s deputy governor in charge of operations, spoke about Bitcoin in September. They believe that in the crypto realm, e-Naira is a much safer option. It can also help the country’s economy. They even went so far as to say that the e-Naira is a better bargain.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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