Nigerian President Muhammadu Buhari will launch the e-Naira, also called Nigerian Central Bank Digital Currency (CBDC), on today (Monday), 25 October.
The head of corporate communications of the Central Bank of Nigeria (CBN) Osita Nwanisobi made the announcement in a statement over the weekend.
e-Naira is a CBN-issued digital currency that provides a unique form of money denominated in Naira.
It serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.
e-Naira, as CBN explained, has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.
Our Abuja Correspondent Usman Umar reports.