Nigerian President Muhammadu Buhari unveils the country’s digital currency CBDC – Fintech Bitcoin News – News Couple

Nigerian President Muhammadu Buhari unveils the country’s digital currency CBDC – Fintech Bitcoin News

Nigerian President Muhammadu Buhari is expected to officially launch the Central Bank Digital Currency (CBDC) on October 25, 2021.

High-level ratification of the Convention on Biological Diversity

According to a statement issued by the Central Bank of Nigeria (CBN), the official event marking the launch of e-naira will be held at the official residence of Buhari. After the initial launch was postponed due to various factors, CBN suggests in the statement that it has done enough to prepare for the launch this time around.

The press release explains:

After a series of engagements with relevant stakeholders including the banking community, fintech operators, merchants and, indeed, a cross-section of Nigerians, CBN has designed the digital currency, which will take effect on Monday, October 25, 2021.

Describing the launch of e-naira as a major step forward in the evolution of money, the CBN insists that its central bank digital currency will be available to all.

The Central Bank of Nigeria should immediately address the challenges it encountered during implementation

Meanwhile, the statement adds that the Central Bank of Nigeria, recognizing that this will be one of the first digital central bank currencies, has already put in place a structure to immediately address any issues that may arise from the pilot implementation.

At the same time, the central bank says it will continue to work with relevant partners to ensure a smooth operation that will benefit every user, especially those who live in rural areas and the unbanked population.

What do you think of CBN’s decision to use President Buhari to launch a CBDC? Tell us what you think in the comments section below.

photo credits: Shutterstock, Pixabay, Wikicommons

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