Key Takeaways
- The Central Bank of Nigeria released a press statement announcing the plan to launch the Country's digital currency on October 25, 2021.
- The CBN explained that the official launching would be done by the Country's president, Muhammad Buhari.
- The Central Bank also announced that it had put a system in place to quickly solve encountered issues in the implementation process.
- The CBN also explained its willingness to collaborate with relevant bodies to carry out a process that will be beneficial to everyone.
As per the press release made available by the Country's highest financial institution, the CBN, the official launching event will take place at the president's official residence. Following the postponement of the digital currency's proposed launching for many reasons, the Central bank explained in the press release that the financial institution had made proper preparations to ensure the launching went as planned this time around.
The press release stated that after a series of contributions from related stakeholders comprising the financial society, fintech operators, merchants, and the country's residents, the Nigerian Central bank created the digital currency, which the bank will launch on October 25 2021. While citing the e-naira introduction as an important step towards the evolution of the Nation's currency, the Central bank also stated that the CDBC would be made available and accessible for all and sundry.
