eNaira, Africa’s First Central Bank Digital Currency, Debuts On Monday

A new digital currency, the e-Naira, will be introduced by the Central Bank of Nigeria (CBN) on Monday.

CBN said the the digital currency would “make financial transactions easier and more seamless for every stratum of the society” and compliment the physical Naira rather than replace it.

At the Presidential Villa tomorrow, President Buhari is expected to unveil the much-anticipated e-Naira.

It was also disclosed yesterday by the Central Bank of Nigeria (CBN) that the e-Naira was the culmination of several years of research and development by the Apex Bank to advance the boundaries of the payments system to make financial transactions easier and seamless for every member of society.

After engaging various stakeholders, the CBN designed the digital currency, to be activated on October 25, 2021, following numerous engagements with stakeholders like the banking sector, fintech operators, merchants, and indeed a cross-section of Nigerians.

The CBN said the e-Naira represents a major step forward in the evolution of money and it is dedicated to ensuring that the e-Naira, like the physical currency, is accessible to everyone.

The unveiling marks the first step in e-Naira’s journey, which will continue with a series of future enhancements, capabilities, and modifications.

As a result, the CBN will continue to work with relevant partners on building a seamless process that will benefit all users, especially the unbanked and those in rural areas.

In honor of Nigeria’s 61st anniversary of independence on Oct. 1, the launch was originally scheduled for Oct. 1 to Oct. 4.

Cryptocurrency’s use in Nigeria has been a source of frustration for financial officials. Nigeria banned crypto transactions in February and introduced the e-Naira four months later.

CBN plans to accompany the e-Naira with a wallet that users can link to their bank accounts or use a prepay option, according to the CBN website.