Nigerians will finally have a first look at the controversial eNaira from Monday. The eNaira is the new legally issued Nigerian digital currency that uses the popular blockchain technology regulated by the CBN.
Holding the same value as the fiat Naira, the currency guarantees secure, faster, and more convenient transactions. It was created to improve the country's economic activities, support the digital economy, simplify and ease cross-border payments and trade, and improve the effectiveness of monetary value.
In short, the eNaira is expected to serve as a medium of exchange and a store of value.
In a statement disclosed by the Director of Corporate Communications, CBN – Osita Nwanisobi:
"President Muhammadu Buhari is scheduled to formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, on Monday October 25 2021, at the State House, Abuja."
"The launch of the eNaira is a culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of payments system to make financial
transactions easier and seamless for every stratum of the society."
"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 air, 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."
"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."
"Since the eNaira is a new product, and amongst 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 eNaira."
"Accordingly, following Monday's formal launch by the President, the Bank will further engage various stakeholders as we enter a new age consistent with global financial advancement."
The CBN spokesman also added that the theme of the new digital currency is 'Same Naira, More Possibilities'.
Note:
• The eNaira is a peer to peer exchangeable
• Anybody can hold it
• It doesn't yield any interest
• You can monitor your e-wallet activities
• Fraudulent transactions are traceable
• It's only accessible by those with BVN & NIN
• Phones without internet can be used to access the eNaira.
Download the app and sign up to get started when it fully launches and goes live on Monday.