President Buhari unveils e-Naira

President Buhari unveils e-Naira

President Muhammadu Buhari has unveiled Nigeria’s digital currency, also known as e-Naira.

The unveiling ceremony took place on Monday at the conference room of the First Lady’s office in the Presidential Villa, Abuja.

Speaking at the brief event, President Buhari noted that the Central Bank of Nigeria (CBN) has been a leading innovator in the world and the best in Africa.

He said: “This move 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. They have invested heavily in creating a payment system that is ranked among the top 10 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. They have also supported several private sector initiatives to improve the existing payments landscape and in turn have created some of the world’s leading payment service providers today.”

According to the President, the journey towards the introduction of digital currency in Nigeria began over three years ago.

He said the birth of the digital currency was a result of a strong collaboration between the CBN, the relevant ministries and agencies.

While the journey to create a digital currency for Nigerian begun sometimes in 2017, work identified over the past several months include several brainstorming exercises, deployment of technical partners and advises, collaboration with the Ministries of Communication and Digital Economy and its sister agencies like the Nigerian Communications Commission, integration of banking software across the country and painstaking tests to ensure the robustness, safety and scalability of the Central Bank’s digital currency system,” the President stated.