CBN Postpones Oct 1 E-Naira Launch Date

The Central Bank of Nigeria (CBN) has cancelled the official launch of its Digital Currency, eNaira, slated for October 1st, Independence Day.

Revealing the new development, the apex bank spokesperson, Osita Nwanibosi said the launch date was deferred due to other key activities lined up to commemorate the country’s 61st Independence Anniversary.

Meanwhile, no new date was announced for the launch yet.

Quoting Nwanisobi, a report by Vanguard explained that the CBN took the decision to postpone the launch, which had been initially planned to coincide with the Independence anniversary, in deference to the mood of national rededication to the collective dream of One Nigeria.

While assuring 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.

Highlighting the benefits of the eNaira, Mr. Nwanisobi stressed that Nigerians would ease peer-to-peer transfer to another person’s eNaira wallet, as well as, pay for goods and services at selected merchants, once launched.

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 banks customers were expected to commence transaction 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).

Mr. Nwanisobi also noted that the CBN was mindful of concerns expressed about the eNaira, being among the first central banks digital currencies 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.