After the long-awaited launch of the Central Bank of Nigeria’s digital currency or CBDC, His Excellency, President Muhammadu Buhari, the President of the Federal Republic of Nigeria, has officially launched the eNaira, which was initially announced to go live on the 1st of October 2021.
In a press release dated 23rd October, by the Central Bank of Nigeria, titled “President Buhari to Unveil eNaira on Monday, 25 October, 2021”, the CBN said the launch of the eNaira is a ‘culmination of several years of research work’ done by it in ‘advancing the boundaries of payments systems in order to make financial transactions easier and seamless for every strata of the society.’
Will the eNaira fulfil its plans of financial inclusion? Will it compete favorably with other financial players? Will the CBN become a retail financial service provider?
The Nation awaits…
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