CBN postpones eNaira launch

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The Central Bank of Nigeria (CBN) on Thursday, announced the postponement of its Central Bank Digital Currency (CBDC), known as eNaira, to allow other key activities lined up to commemorate the country’s 61st independence anniversary to hold.

Speaking with newsmen in Abuja, CBN spokesman, Mr. Osita Nwanisobi, explained that the CBN took the decision to postpone the launch, originally planned to coincide with the independence anniversary, in deference to the mood of national rededication to the collective dream of One Nigeria.

While assuring 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 in the overall benefit of customers, particularly for those in the rural areas and the unbanked population.

Highlighting the benefits of eNaira, Nwanisobi said that Nigerians would be able to carry out peer-to-peer transfers to another person’s eNaira wallet as well as pay for goods and services at selected merchants. He added that the eNaira would also help reduce the use of cash and ensure the stability of the Nigerian economy.

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

The CBN image-maker however, assured that financial institutions in Nigeria remained key actors and 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 structures in place to promptly address any issue that might arise from the pilot implementation of the eNaira.

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