Muhammadu Buhari, the President of the Federal of Nigeria is set to formally launch the country’s central bank digital currency (CBDC), the e-Naira on Monday, October 25, 2021.
In a statement released by the country’s apex bank (Central Bank of Nigeria), the launch will take place at the president’s official residence. Recall that the original date for the launch on Friday, October 1, 2021, was postponed owing to some factors.
The apex bank has however explained that it has done its due diligence for this launch. A statement from the press release reads thus:
“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 has reiterated that the country’s CBDC, the e-Naira would be available to all citizens as it is the country’s significant step into the financial revolution.
The apex bank also adds that it has put in place means to swiftly address rising challenges that may come up in the pilot phase while working in partnership with relevant bodies to ensure that the unbanked populace is also covered.
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