On October 25, 2021, Nigerian President Muhammadu Buhari is expected to formally launch the country’s central bank digital currency (CBDC).
According to a statement issued by the Central Bank of Nigeria (CBN), the formal event commemorating the launch of the e-naira will take place at Buhari’s official residence. Following the postponement of the initial launch due to various factors, the CBN suggests in the statement that it has done enough to prepare for the launch this time.
According to the press release:
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 its CBDC will be available to everyone, describing the e-naira launch as a significant step forward in the evolution of money.
After the previous delay, Nigerian government said that rather than focusing solely on launching the e-naira on time, the CBN claims to have spent time working on the e-design naira’s and architecture. It has also prioritized sharing the digital currency’s functionalities, the risks of the e-naira and how they will be mitigated, and the e-naira implementation roadmap with prospective e-naira users.
According to the central bank, these critical details should reassure Nigerians that the e-naira, which will be available to offline users, has been well-conceived and the launch has been meticulously planned.
The CBN will address any issues that arise during implementation as soon as possible.
Meanwhile, the CBN has already put in place a structure to address any issues that may arise from the pilot implementation, despite the fact that this will be one of the first CBDCs.
At the same time, the central bank says it will continue to collaborate with relevant partners to ensure a smooth process that benefits all users, particularly those in rural areas and the unbanked.