Breaking: FG Launches e-Naira

President Muhammadu Buhari has launched the Central Bank of Nigeria (CBN) digital currency, the e-Naira.

While launching the digital currency, at the State House,Abuja, this afternoon, the president commended the CBN Governor, Mr. Godwin Emefiele, for his efforts towards ensuring a more efficient payment system in the country.

In his address, Mr. Emefiele announced a new financial instrument titled “The 100 for 100 PPP – Policy on Production and Productivity,” to reduce the nation’s overdependence on imports.


According to the governor, the instrument, “will be anchored in our Development Finance Department under my direct supervision.

“Under this policy the CBN will advertise, screen, scrutinize and financially support 100 targeted private sector companies in 100 days, beginning from 01 November 2021, and rolling over every 100 days with new set of 100 companies, whose names will be published in National Dailies for Nigerians to verify and confirm.

“The purpose of this instrument is to take further steps to reverse our over reliance on imports.”

He said that 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 payment system in order to make financial transactions easier and seamless for every stratum of the society

“Following series of engagements with relevant stakeholders including the banking community, fintech operators, merchants and a cross-section of Nigerians, the CBN designed the digital currency, which shall be activated today Monday, October 25, 2021.

“The eNaira, therefore, marks a major step forward in the evolution of money and the CBN is committed to ensuring that the eNaira, like the physical Naira, is accessible by everyone.”he said

Details later

About Adeshola Akinwale

Check Also

Wema Bank Emerges Best Performing Bank in Half year 2022

Nigeria’s most innovative bank, Wema Bank Plc, has emerged the best performing bank in the …

Leave a Reply

Your email address will not be published. Required fields are marked *