CBN Defers Entire Launch To Mark Independence Anniversary

Ahead of the anticipated launch of Nigeria’s Central Bank Digital Currency (CBDC), known as eNaira, the Spokesman of the Central bank of Nigeria (CBN), Mr. Osita Nwanisobi, says the planned unveiling on October 1, 2021, has now been deferred due to other key activities lined up to commemorate the country’s 61st Independence Anniversary.

Speaking with newsmen in Abuja on Thursday, Nwanisobi explained that the CBN decided 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, Nwanisobi stressed 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 naira would also help reduce the use of cash and ensure the 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 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).

Nairobi 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.