Central Bank of Nigeria (CBN), e-Naira

CBN postpones e-Naira launch

The Central Bank of Nigeria (CBN), has announced the postponement of its Central Bank Digital Currency (CBDC), known as e-Naira, due to the country’s 61st independence anniversary.

CBN Spokesman, Mr. Osita Nwanisobi said the bank took the decision to postpone the launch, which had been initially planned to coincide with the independence anniversary.

He said the postponement was in deference to the mood of national rededication to the collective dream of One Nigeria.

He gave an assurance that there was no cause for alarm.

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 e-Naira would enable Nigerians carry out peer-to-peer transfer to another person’s e-Naira wallet.

They will also be able to pay for goods and services at selected merchants.

He added that the e-Naira 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 e-Naira, he reiterated that e-Naira 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 e-Naira, 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 e-Naira.

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