CBN postponed launch of e-naira in Nigeria

CBN postponed launch of e-naira in Nigeria
CBN Governor, Godwin Emefiele

Nigerians have to wait more as the Central Bank of Nigeria (CBN), postponed the launch of its Central Bank Digital Currency (CBDC), known as eNaira.

The apex bank in the country had initially planned the launch of the eNaira to coincide with the nation’s 61st independence anniversary.
CBN Spokesman, Mr Osita Nwanisobi, said there was no cause for alarm over the postponement which was in deference to the mood of national rededication to the collective dream of One Nigeria.

He said the CBN and other partners were working round the clock to ensure a seamless process that will be for the overall benefit of the customer, particularly those in the rural areas and the unbanked population.

Nwanisobi said the eNaira would enable Nigerians to carry out peer-to-peer transfers to another person’s eNaira wallet and also be able to pay for goods and services at selected merchants.

He added that the eNaira would also help reduce the use of cash and ensure stability of the Nigerian economy.

On the readiness of banks and other financial institutions in the financial ecosystem for the launch of the eNaira, he reiterated that eNaira was a journey, explaining that not all bank customers were expected to commence transactions on the day of the launch.

He, however, assured that financial institutions in Nigeria remained key actors and were a critical part of the Central Bank Digital Currency (CBDC).

Nwanisobi also noted that the CBN was mindful of concerns expressed about the eNaira, being among the first CBDCs in the world.

According to him, the Bank had put a structure in place to promptly address any issue that might arise from the pilot implementation of the eNaira.

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