Buhari unveils eNaira Monday, experts say e-currency beneficial, risky - AMEBO ONLINE NEWSPAPER

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Buhari unveils eNaira Monday, experts say e-currency beneficial, risky

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The President, Major General Muhammadu Buhari (retd.), will on Monday unveil the Central Bank of Nigeria’s digital currency called eNaira, at the State House, Abuja.

The digital currency, which was to be unveiled on October 1, 2021, to commemorate the nation’s independence was abruptly annulled by the CBN.

The Director, Corporate Communications, CBN, Osita Nwanisobi, in a statement on Saturday, confirmed that the eNaira would be launched on Monday.

The statement was titled, ‘President Buhari to unveil eNaira on Monday, 25 October 2021.’

According to the CBN, the launch of the eNaira is a culmination of several years of research work by the apex bank as it seeks to advance the boundaries of the payments system in order to make financial transactions easier and seamless for every stratum of society.

The statement read, “Following series of engagements with relevant stakeholders including the banking community, fintech operators, merchants and a cross-section of Nigerians, the CBN designed the digital currency, which shall be activated on Monday, October 25, 2021.

“The eNaira, 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 statement said the unveiling marked the first step in that journey, which would continue with a series of further modifications, capabilities, and enhancements to the platforms.

The CBN stated that it would continue to work with relevant partners to ensure a seamless process that would benefit every user, particularly those in the rural areas and the unbanked population.

“Since the eNaira is a new product, and among 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,” the CBN said.

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