Why I Approved CBN’s Plan to Launch eNaira, Buhari Gives Important Reason

Why I Approved CBN’s Plan to Launch eNaira, Buhari Gives Important Reason

  • President Muhammadu Buhari has officially launched the Nigeria central bank digital currency (CBDC), the eNaira
  • The president who is elated by the efforts of the CBN disclosed that the country will benefit immensely from the initiative
  • The Nigerian leader stated that the apex bank has invested hugely in creating the payment system that is listed amongst the top ten in the world and in Africa

Abuja- President Muhammadu Buhari is proud to launch the Nigeria Central Bank Digital Currency (CBDC), the eNaira.

Premium Times reports that Buhari commended the Central Bank of Nigeria (CBN), for creating Africa’s first CBDC, eNaira, saying the country will reap many benefits from the initiative.

At the launch of the currency Monday, the president said his approval was “underpinned by the fact that the CBN has been a leading innovator in the form of money they produce, and in the payment services they deploy for efficient transactions.”

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Buhari reveals real reason why he approves the launch of eNaira
President Buhari launches e-Naira at state house, Abuja October 25, 2021. Photo credit: Femi Adesina.
Source: Facebook

The president said at the event in Abuja:

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“They have invested heavily in creating a Payment System that is ranked in the top ten in the world and certainly the best in Africa.”
“This payment system now provides high‐value and time‐critical payment services to financial institutions, and ultimately serves as the backbone for every electronic payment in Nigeria.”

Meanwhile, the CBN engaged a Barbados-based digital financial technology firm, Bitt Inc, as a technical partner to develop the e-Naira, a report by The Guardian also indicates.

With operations spreading across the Caribbean, Bitt utilises blockchain and distributed ledger technology to facilitate peer-to-peer (P2P) transactions with mobile money across a suite of Bitt’s Software and mobile applications.

Nigeria, 5 other countries with digital currencies, as CBN mint 500 million, sets transaction limits

Meanwhile, Legit.ng had earlier reported that President Muhammudu Buhari unveiled the eNaira today, Monday, 25 October 2021 at the State House, Abuja.

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This implies that Nigeria is now the sixth country to launch a centralised national electronic money and the only one from Sub-saharan Africa.

The other five countries that have fully launched a digital currency are the Bahamas, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia, and Grenada.

Company sues CBN for the name eNaira

In a related story, Legit.ng had earlier reported a Nigerian company eNaira Payment Solutions sued the Central Bank of Nigeria on the choice of eNaira as the name for Nigerian currency.

The company through its lawyer argued that eNaira is an infringement on its rights because the company was the first to register the name.

This comes less than 48 hours after the CBN launched the enaira.com website, which has already received over one million views.

Source: Legit Nigeria

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