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Nigeria set to launch its Central Bank Digital Currency (CBDC) eNaira on Monday




Naigeria_CBDC

 Nigeria President Muhammadu Buhari is set to launch the country's CBDC. eNaira on Monday. This was disclosed by the Central Bank of Nigeria (CBN) in a statement issued on Saturday by its Director of Corporate Communications, Osita Nwanisobi.

The eNaira was slated to be launched earlier on October 1, however, it was suspended due to the lawsuit against the apex bank over trademark infringement by the ENaira Payment Solution Limited firm.

The Statement 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."

"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 digital currency.

Central Bank Digital Currency (CBDC) is a new type of currency that governments around the world are experimenting with.

What set CBDC apart from established currencies is the proponent hope it can use new payment technology, typically a blockchain, to potentially increase payment efficiency and lower cost.

Few countries have stated piloting the technology such as China with its digital Yuan, U.S. in form of a digital dollar.



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