This archive report was first published on 25 October 2021.
On October 25, 2021, Nigeria took a significant step towards advancing its payment system with the launch of the eNaira, a Central Bank Digital Currency (CBDC), at the State House in Abuja.
The eNaira is the culmination of several years of research by the country's Central Bank, and its design involved a cross-section of stakeholders from the banking community, fintech operators, merchants, and other sectors.
The Central Bank has emphasized that the digital cash will be available to all, particularly those living in rural areas and the unbanked.
According to Osita Nwanisobi, Director-Corporate Communication at the Central Bank of Nigeria, 'This Central Bank Digital Currency is among the first in the world and thus authorities have put measures in place to deal with any issues that might arise from the pilot implementation of the eNaira, whose theme is Same Naira, More Possibilities.'
