President of Nigeria Set To Reveal The Country's First CBDC

2021-10-25 21:21:00
Nigeria Making CBDC History

The President of Nigeria, Muhammadu Buhari, will reveal the country’s first ever CBDC (central bank digital currency), the eNaira. According to the document by the CBN (Central Bank of Nigeria), the event for the launch will be at President’s Buhari official estate.

Furthermore, the document also states that this time the CBN is ready to successfully integrate eNaira. Unlike the previous unsuccessful attempt on the 1st of October.

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 Central Bank also confirm their intentions to cautiously approach the matter. More specifically, they believe is better to delay the project and get it right. As oppose to rushing and producing an unregulated asset.

In fact, the Bank emphasizes that getting it right from the first time is absolutely crucial for the success of the cryptocurrency. Especially on the long run.

Consequently, the document published by the CBN states that is better to concentrate all resources towards making a quality product. Rather than to spend them in order to launch eNaira timely.

Making It Acceptable For Everyone

The Bank even educated individuals on CBDC. Both regarding the risk factor and its potential. This is one department which many consider as the utmost important. That is since making people familiar with crypto, and consequently accepting it, is one of the hardest tasks.

According to the document, even citizens from the rural parts of Nigeria will be able to be part of the country’s first ever CBDC project, the eNaira.

The Central Bank claims that is in the process of finding the right partner, and eventually enable both citizens from rural areas and the individuals without banks access to Nigeria’s first ever CBDC.

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