CBN shifts eNaira launch, says no cause for alarm

The Central Bank of Nigeria on Thursday announced the postponement of the planned unveiling of the country’s digital currency, e-Naira.

The Spokesman of the CBN, Mr Osita Nwanisobi, announced this in a statement on Thursday titled ‘CBN defers eNaira launch to mark independence anniversary’.

Nwanisobi 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 would be for the overall benefit of the customer, particularly those in the rural areas and the unbanked population.

Highlighting the benefits of the eNaira, Nwanisobi said that Nigerians would be able to carry out peer-to-peer transfer 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 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 said the eNaira was a journey, and that not all bank 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 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.