By Emma Ujah,  Abuja Bureau Chief 

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

According to a statement by the Central Bank of Nigeria (CBN) last night, the digital currency was coming after detailed research,  spanning many years. 

It said, “the launch of the eNaira is a culmination of several years of research work by the CentralBank of Nigeria in advancing the boundaries of payments system in order to make financialtransactions   easier   and   seamless   for   every   strata   of   the   society.

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

“The eNaira therefore marks a major step forward in the evolution of money and the CBN iscommitted to ensuring that the eNaira, like the physical Naira, is accessible by everyone.

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.

“The  CBN  will  continue  to   work  with   relevant  partners  to  ensure  a   seamlessprocess that will benefit every user, particularly those in the rural areas and the unbankedpopulation. 

“Since the eNaira is a new product, and amongst the first CBDCs in the world, we have puta structure to promptly address any issue that might arise from the pilot implementation ofthe eNaira.Accordingly,   following   Monday’s   formal   launch   by   the   President,   the   Bank   will   furtherengage   various   stakeholders   as   we   enter   a   new   age   consistent   with   global   financialadvancement.

“The theme of the eNaira is: “Same Naira, more possibilities”.