Nigeria will launch the central bank digital currency (CBDC), eNaira at the official residence of president Muhammadu Buhari today:
"The digital currency produced by the Central Bank of Nigeria (CBN) will be activated on Monday, October 25, 2021."
Based on previous rulings, the launch of eNaira is supposed to take place on October 1st. However, following the busy preparations for Nigeria's 61st Independence Day, the launch of eNaira had to be postponed.
The establishment of eNaira is intended to complement Naira’s presence, not to replace such physical money.
Nigeria is also confident that eNaira’s presence will also create much easier and smoother transactions for every strata of the community in the country.
A wallet will also be launched with eNaira. Users can link the wallet with a bank account or use it to make payments via the ‘prepaid’ option.
Earlier, it was reported that the Nigerian finance ministry was facing an increase in the rate of use of cryptocurrencies.
Following that, in February they decided to block crypto transactions in the banking sector before announcing plans to set up eNaira four months later.
