President Muhammadu Buhari will unveil the Central Bank Digital Currency (CBDC), known as the eNaira, today at the State House, Abuja.

According to the CBN, the unveiling of the much-anticipated electronic money had been delayed partly to allow for the country’s 61st independence celebration.

A statement from CBN’s Director, Corporate Communications, Nwanisobi, noted that the launch of the eNaira is a culmination of several years of research work by the central bank in advancing the boundaries of the payments system to make financial transactions easier and seamless for every strata of the society.

The apex bank had designed the digital currency, following a series of engagements with relevant stakeholders including the banking community, fintech operators, merchants, and indeed, a cross-section of Nigerians.
According to the bank, the eNaira marks a major step forward in the evolution of money as well as the CBN’s commitment to ensuring that the digital currency, like the physical Naira, is accessible by everyone.

Nwanisobi, stated that 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.
He said, “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.”
According to him, the theme of the eNaira is: “Same Naira, more possibilities”.