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President Of Nigeria Will Reveal The Country’s Digital Currency Soon

On October 25, 2021, Nigerian President Muhammadu Buhari is slated to publicly debut the country’s central bank digital currency (CBDC).


According to a statement issued by the Central Bank of Nigeria (CBN), the formal celebration commemorating the launch of the e-naira would take place at Buhari’s official house. Following the postponement of the initial launch due to various causes, the CBN argues in the statement that it has done enough to prepare for the launch this time.


The press release 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.”


The CBN insists that the CBDC will be available to everyone, describing the e-naira debut as a significant step forward in the evolution of money.


Meanwhile, the CBN has already put in place a mechanism to resolve any issues that may come from the pilot implementation, despite the fact that this would be one of the first CBDCs.


At the same time, the central bank said it will continue to collaborate with key partners to guarantee a smooth process that benefits all users, including those in rural areas and the unbanked.