Why I approved CBN's plan to launch eNaira - Buhari

President Muhammadu Buhari has officially launched e–Naira, the Nigerian digital currency in Abuja. [PHOTO CREDIT: Bashir Ahmad]The president says 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.

“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.”The Secretary to the Government of the Federation,The Governor and Deputy Governors of the Central Bank,I welcome you to today’s event, which is to officially launch our country’s Digital Currency, the eNaira.1.

4. The absence of a swift and effective solution to these requirements, as well as fears that Central Banks’ actions sometimes lead to hyperinflation created the space for non-government entities to establish new forms of “private currencies” that seemed to have gained popularity and acceptance across the world, including here in Nigeria.

7. Needless to add, close monitoring and close supervision will be necessary in the early stages if implementation to study the effect of eNaira on the economy as a whole. sought and received my approval to explore issuing Nigeria’s own Central Bank Digital Currency, named the eNaira. 11. While the journey to create a digital currency for Nigeria began sometime in 2017, work intensified over the past several months with several brainstorming exercises, deployment of technical partners and advisers, collaboration with the Ministries of Communication and Digital Economy and its sister agencies like the Nigerian Communications Commission, integration of banking softwares across the country and painstaking tests to ensure the robustness, safety and scalability of the CBDC System.

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