Nigeria’s President Set to Unveil the Country’s eNaira, the First CBDC in Africa

Nigeria’s President Muhammadu Buhari will officially launch the West African country’s central bank digital currency (CBDC), the eNaira. The eNaira was supposed to launch much earlier in the month, on October 1st, to commemorate Nigeria’s 61st Independence Day. However, the country’s central bank was unable to do so. 

Furthermore, the Central Bank of Nigeria (CBN) published a document confirming its intention to unveil the CBDC today. In addition, the premier bank stressed the importance of doing something thoroughly the first time and the precedent it sets for future initiatives. The CBN seemed to suggest that meticulousness and steadiness was a better approach to launching a new project, over speed and hastiness.

The CBN also published a document containing the design principles for the eNaira in addition to an expectation-overview of the token. Both documents, which are also available on the bank’s website in English, are also available in local dialects Hausa and Yoruba.

The CBN stated that it had channeled a lot of resources into educating prospective users about the eNaira’s capabilities and risks. The bank also provided the blueprint into the digital currency’s mitigating factors. Furthermore, offline users will also be able to access the eNaira.

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