The Nigerian Central Bank, CBN, says President Muhammadu Buhari will formally unveil the country’s digital currency (CBDC), known as the eNaira, on Monday, at the State House, Abuja.
The apex bank made this known on its Facebook page on Sunday.
According to the bank, the eNaira is a result of years of research to advance the boundaries of payment systems.
“The launch of the eNaira is a culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of payments system in order to make financial transactions easier and seamless for every strata of the society.
“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 statement said.