Finally, Nigeria to Launch the eNaira token

The Central bank of Nigeria (CBN) has revealed that Nigeria’s President, Muhammed Buhari is scheduled to formally unveil the Nigeria Central Bank Digital Currency (CBDC) known as the eNaira on Monday, 25th October, 2021. This was made known through a press release, signed by Osita Nwanisobi, the Director, Corporate Communication.

According to the Press release,

“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”

It continued by saying

“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.”

The eNaira was expected to launch on the first of 1 October, 2021 and 8 October, 2021. But was postponed twice. Many Nigerian have argued that the eNaira is a useless initiative, because the naira has been more volatile than many crypto currencies within the last 5 year of this administration. Some even call the eNaira a shitcoin.