Nigeria’s President will reveal the country’s CBDC.

On October 25, 2021, Nigerian President Muhammadu Buhari is expected to formally launch the country’s central bank digital currency (CBDC).

Nigeria CBDC

According to a statement issued by the Central Bank of Nigeria (CBN), the formal event commemorating the launch of the e-naira will take place at Buhari’s official residence. Following the postponement of the initial launch due to various factors, the CBN suggests in the statement that it has done enough to prepare for the launch this time.

According to the press release:

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 CBN insists that its CBDC will be available to everyone, describing the e-naira launch as a significant step forward in the evolution of money.

E-Naira Roadmap

After the previous delay, Nigerian government said that rather than focusing solely on launching the e-naira on time, the CBN claims to have spent time working on the e-design naira’s and architecture. It has also prioritized sharing the digital currency’s functionalities, the risks of the e-naira and how they will be mitigated, and the e-naira implementation roadmap with prospective e-naira users.

According to the central bank, these critical details should reassure Nigerians that the e-naira, which will be available to offline users, has been well-conceived and the launch has been meticulously planned.

Source: BTCManager

The CBN will address any issues that arise during implementation as soon as possible.

Meanwhile, the CBN has already put in place a structure to address any issues that may arise from the pilot implementation, despite the fact that this will be one of the first CBDCs.

At the same time, the central bank says it will continue to collaborate with relevant partners to ensure a smooth process that benefits all users, particularly those in rural areas and the unbanked.

Patrick

Coincu News

Victor

Recent Posts

Top Reasons to Choose Qubetics, Bitcoin, and AAVE as the Best Coins to Join Now 

Explore why Qubetics, Bitcoin, and AAVE are the Best Coins to Join Now. Dive into…

11 minutes ago

Market Overview (Dec 16 – Dec 22): Altcoins Stall, BTC Faces Strong Pullback

MicroStrategy buys 15,350 BTC; Ripple launches RLUSD; Lido exits Polygon; BTC drops post-ATH; reduced liquidity…

37 minutes ago

Bybit Proof Of Reserve Shows Changes In BTC, ETH, And USDT

Bybit Proof of Reserve reveals BTC holdings at 50,412 (-8.55%), ETH at 525,641 (+8.11%), and…

3 hours ago

Bitcoin Spot ETF Inflows Reach $449M With BlackRock Leading

Key Points: Bitcoin Spot ETF Inflows totaled $449M, led by BlackRock’s $1.45B contribution. Ethereum Spot…

4 hours ago

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

5 hours ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

6 hours ago

This website uses cookies.