Central Bank Postpones October 1st e-Naira Launch
Godwin Emefiele, CBN Governor

Central Bank Postpones October 1st e-Naira Launch

The Central Bank of Nigeria (CBN) has announced the postponement of the proposed launch of its digital currency, e-Naira.

A statement by the apex bank’s Director of Communications, Mr Osita Nwanisobi, said that the launch, which was earlier scheduled for October 1, 2021, was postponed due to other activities lined up to commemorate the country’s 61st independence anniversary.

Recall the MarketForces Africa reported that the platform has gone live ahead of expectation but was unavailable for download on google play. Without the app, Nigerians would still be unable to use digital currency for transactions.

MarketForces Africa research team gathered that the robustness of the app is key to implementation, citing the El Salvadorian recent glitches experience with Bitcoin adoption as legal tender.

In the statement, Nwanisobi said that the CBN and other partners were working round-the-clock to ensure a seamless process that would be in the overall interest of customers, especially the unbanked population.

He said that with the e-Naira Nigerians would be able to carry out peer-to-peer transfers to another person’s e-Naira wallet, as well as pay for goods and services at selected merchants.

He added that the e-Naira would also help to reduce the use of cash and ensure the stability of the Nigerian economy.

The director assured Nigerians that financial institutions in Nigeria remained key actors and were a critical part of the CBN Digital Currency.

Read Also: e-Naira Will Curb Arbitrage, Boosts Remittance Inflow

While some Broadstreet analysts projected that the introduction of the digital currency would reduce arbitrage activities and keep naira fit in the foreign exchange market, others have toll an opposite direction.

Some also caution the apex bank to be a bit cautious and not to hasten to launch the digital currency.

Mr Okechukwu Unegbu, a past President of the Chartered Institute of Bankers of Nigeria (CIBN), had advised the CBN to engage more stakeholders in consultations and to carry out adequate sensitisation before launching the e-Naira.

The Central Bank of Nigeria had planned to launch a digital currency on October 1, 2021. Dubbed the “eNaira”, the Central Bank Digital Currency (CBDC) is expected to improve financial inclusion to 95% by 2024 from 36% currently.

The eNaira will have parity with the fiat currency in the country and will also be non-interest bearing. The key players across its transaction value chain will include the CBN, Banks, Government, Merchants, and Consumers.

Central Bank Postpones October 1st e-Naira Launch

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