eNaira, The Central Bank Digital Currency (CBDC) to be unveiled today

President Muhammadu Buhari will unveil the eNaira, the Central Bank Digital Currency (CBDC) today, October 25, at the State House, Abuja.

CBN Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers could

hold funds in their bank account.

“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,” the apex financial regulator said in a statement.

Nigerians were turning to crypto for business, to protect their savings as the naira loses value, and to send payments

abroad since it is often hard to obtain United States’ dollars.

Then, in February 2021, the Central Bank of Nigeria (CBN) barred banks and financial institutions from dealing in

or facilitating transactions in cryptocurrencies, warning of “severe regulatory sanctions” 

and freezing accounts of firms involved.

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.

By Taiyelolu A

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