Nigerian President to Unveil the eNaira as the Flagship CBDC Goes Live

Nigeria is set to launch its Central Bank Digital Currency (CBDC) dubbed the eNaira in an event that will see the country’s President, Muhammadu Buhari unveil the new currency. According to the Central Bank of Nigeria (CBN), the eNaira is a product of years of research, and it will be one of the first full-blown CBDCs to be launched worldwide. The unveiling is set to hold today, October 25 at the State House in the nation’s capital, Abuja.

The CBN said its CBDC was designed in collaboration with the banking community and relevant stakeholders, adding that it has identified avenues by which the new form of money will be accessible to all citizens.

The CBN affirmed that the CBDC “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.”

“Given that the eNaira is a journey, the unveiling marks the first step in that journey, which will continue with a series of further modifications, capabilities, and enhancements to the platforms. The CBN will continue to work with relevant partners to ensure a seamless process that will benefit every user, particularly those in the rural areas and the unbanked population.”

The apex bank said it has put the right provisions to address any form of challenges that might accompany the launch of the CBDC. The bank noted it will continue to consult with relevant industry participants to monitor the progress of the eNaira integration.

Nigeria eNaira: The First CBDC in Africa

The Central Bank of the Bahamas made history as the first nation in the world to launch a fiat-backed e-money. However, the International Monetary Fund (IMF) affirmed that more than 110 nations around the world are at some stage in their CBDC pursuits. Some of the developments include the seeking of public opinions by governments as in the case of New Zealand as reported earlier by TheCoinRise.

While China is notably leading the CBDC race in Asia, the eNaira launch will place Nigeria as the history holder for a functional CBDC launcher on the African continent. There are projections for more central banks to follow this trend in the coming days as all monetary watchdogs seek to tap into the obvious financial advancement offered by digital currencies.