The Central Bank of Nigeria has finally launched its CBDC eNira.

While the talks of central bank digital currencies have been on the table for a few years now, few countries actually took steps to issue one. Nigeria, in turn, following extensive research and development, is finally ready to unveil the eNaira. In a press release syndicated through mass media but issued on the central bank’s official website, the Director of Corporate Communications, Osita Nwanisobi, revealed that the eNaira will be proclaimed official and launched today.

President Muhammadu Buhari will formally unveil the CBDC at the State House, Abuja.

Under the slogan “Same Naira, more possibilities,” the release reveals that President Muhammadu Buhari will formally unveil the CBDC at Abuja State House. “The launch of the eNaira is a culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of the payments system in order to make financial transactions easier and seamless for every strata of society,” the release noted. With this, Nigeria becomes one of the first countries globally to launch its own central bank digital currency.

Central banks continue to work on CBDCs. 

One of the common misconceptions about a CBDC is that it is, in some way, related to cryptocurrencies when, in fact, the only thing they might share in common is the fact that they’re digital. A CBDC is nothing but a digital version of their fiat currency where the Central Bank is still in complete control. It’s not decentralized in any sense of the word, as there’s still a single authority that’s shaping the monetary policy and regulation in a way that directly impacts the status of said central bank digital currency. Central banks across countries are actively working on digital currencies.