President Muhammadu Buhari will on Monday 25, October, 2021 formally unveil the Central Bank of Nigeria’s Digital Currency(CBDC) known as the eNaira, at the State House, Abuja.
This is according to a document signed by the Central Bank Director of Corporate Communications, Osita Nwanisobi which confirmed that the digital currency will be launched on Monday with the theme, ” same naira, more possibilities”
The eNaira launch, as contained in the document, is a culmination of many years of research work by the CBN as part of efforts In advancing the boundaries of payment systems in order to make financial transactions easier and seamless for every strata of the society.
The statement read in part; Following 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 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.”
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 seamless process that will benefit every user, particularly those in the rural areas and the unbanked population.
Since the eNaira is a new product, and amongst the first CBDCs in the world, we have put a structure to promptly address any issue that might arise from the pilot implementation of the eNaira.
Following Monday’s formal launch by the President, the CBN stated that it would further engage various stakeholders as it entered a new age consistent with global financial advancement.
More details concerning the eNaira according to the document could be got on www.enaira.gov.ng
It will be recalled that the CBN had earlier, announced a postponement in launching of the eNaira, previously scheduled to hold on October 1, 2021.
The eNaira, not all it seems
While the introduction of digital currency by the CBN may be deemed timely given the fact the medium is fast becoming a global trend, there is however a need to appraise it’s implications on the economy. Though, some experts believe that the eNaira is going to have a lot of benefits as it will facilitate international trade and enhance a more cashless society.
They, however, noted that there is a need for the CBN to carry out more sensitisation as the digital currency is prone to fraud and could be used by hackers to defraud innocent Nigerians, warning that if the Central Bank of Nigeria is not fully ready for the launch, hackers would leverage on the eNaira to steal people’s funds
There are also those who feel that Nigeria is not fully ready to adopt the use of digital currency. They said there is already in existence, e-wallets, that could be replenished either electronically or by cash and that, if Nigeria is still unable to conduct and transmit election results electronically, how then does she wants to dabble into a technology that big tech companies such as google and twitter are still trying to perfect ?
The only benefit according to them is that Nigeria will spend less money minting the naira but however, the risks to people’s capitals and savings soars to the roof, therefore, calling for caution in adoption of the digital technology .
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