Nigeria launches the eNaira-a central bank digital currency

Nigeria has launched its Central Bank Digital Currency(CBDC) at State House in Abuja, a function that has been officiated by President Muhammadu Buhari.

The unveiling of the eNaira is a culmination of several years of research by the country in advancing the boundaries of the payment system, making transactions easier and seamless.

Nigerians from across the economy were involved in the design of eNaira

The country’s Banking community, Fintech operators, merchants and a cross-section of other stakeholders were involved in the design of this digital currency.

The Central Bank has said it will ensure the digital cash is available to all, particularly the unbanked as well as those living in the rural areas.

“This Central Bank Digital Currency is among the first in the world and thus authorities have put measures in place to deal with any issues that might arise from the pilot implementation of the eNaira, whose theme is Same Naira, More Possibilities,” said Osita Nwanisobi, Director-Corporate Communication- Central Bank of Nigeria.

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