On October 25, 2021, Nigeria will see the introduction of its digital currency, the eNaira. The Central Bank Digital Currency of Nigeria will be officially released by President Muhammadu Buhari today.
More governments are turning to digital assets as cryptocurrencies gain traction globally due to a massive increase in their popularity. Nigeria, a West African country, is the most recent member of the pro-crypto army. The digital currency called ‘eNaira’ will be backed by Nigeria’s central bank.
According to a statement provided by the Central Bank of Nigeria (CBN), the official ceremony honoring the release of the eNaira will be conducted at President Muhammadu Buhari’s government residence, Abuja. CBN claimed in a statement that it has achieved enough to prepare for the release this time after the original launch was delayed due to various issues.
The CBN devised the virtual money, after a whole series of discussions with essential stakeholders such as reputed merchants, banking community personnel, fintech operators, and a cross-section of Nigerians.
The CBN insists that the CBDC will be accessible to anyone and everyone, hailing the eNaira launch as a big step in the evolution of currency. Meanwhile, understanding that this will become one of the first CBDCs, the CBN has already set in place a mechanism to quickly handle any issues that may occur as a result of the pilot implementation.
The central bank also said it would strive to collaborate with key partners to guarantee a straightforward flow that benefits all customers, including those in remote regions and the unbanked. As per a Reuters article, the government has teamed up with Barbados-based Bitt Inc to build its digital currency, the eNaira.
