Nigerian President Muhammadu Buhari to Unveil Country’s CBDC

Nigerian President Muhammadu Buhari to Unveil Country's CBDC

The Nigerian President, Muhammadu Buhari, is expected to formally launch the country’s central bank digital currency (CBDC) on October 25, 2021.


High-Level Endorsement of the CBDC

According to a statement released by the Central Bank of Nigeria (CBN), the formal event marking the e-naira’s launch will be held at the Buhari’s official residence. After the initial launch was postponed due to different factors, the CBN suggests in the statement that it has done enough to prepare for the launch this time around.

The press statement explains:

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

Describing the e-naira launch as a major step forward in the evolution of money, the CBN insists its CBDC will be available to everyone.

The CBN to Promptly Address Challenges Encountered During Implementation

Meanwhile, the statement adds that the CBN, being aware that this will be one of the first of CBDCs, has already put in place a structure to promptly address any issue that might arise from the pilot implementation.

At the same time, the central bank says it 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.

What do you think of the CBN’s decision to use President Buhari for the CBDC launch? Tell us what you think in the comments section below.