• Nigeria, a cryptocurrency enthusiast, will launch the eNaira stablecoin today

  • President Muhammad Buhari will officially launch the Nigerian Central Bank Digital Currency, eNaira, at the State House in Abuja today, weeks after it was postponed.

    Finally, Nigeria will launch eNaira today.

    The apex bank’s spokesperson, Osita Nwasinobi, revealed in a signed statement on Saturday that the Central Bank Digital Currency, dubbed eNaira, would finally be launched today by President Buhari in the State House.

    “The launch of the eNaira is the culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of the payments system in order to make financial transactions easier and seamless for all strata of society,” according to the statement. It continues:

    The CBN designed the digital currency, which will be activated on Monday, October 25, 2021, after a series of engagements with relevant stakeholders such as the banking community, fintech operators, merchants, and, indeed, a cross-section of Nigerians.

    Osita went on to say that the Monday launch would be a significant milestone in the Central Bank Digital Currency (eNaira) journey, though it would still be subject to a series of additional adjustments.

    The statement also revealed the central bank’s commitment to maintaining a collaborative relationship with relevant partners in order to achieve a smooth outcome that benefits users, particularly the unbanked population in rural areas.

    It is expected that the introduction of eNaira will only supplement physical Naira, with the eNaira wallet linked to the users’ bank accounts.

    It is worth noting that a financial payment company approached the court a few hours before the initial October 1 planned launch to stop CBN from using the name “eNaira,” which the company claimed was its trademark.

    You may recall that the initial launch was postponed indefinitely due to a number of activities planned to commemorate the country’s independence anniversary, according to a statement issued by the apex bank at the time.

    What's your reaction?