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eNaira: CBN Postpones Launch Of Digital Currency Indefinitely

The Central Bank of Nigeria (CBN) has postponed the official launch of its controversial digital currency, the eNaira.

According to the CBN spokesperson, Mr Osita Nwanisobi, the decision to postpone the unveiling of the E-naira, scheduled for October the 1st, was made to avoid any distractions from the country’s 61st Independence Day celebration.

Nevertheless, the CBN has assured Nigerians that the bank and other partners are working to ensure a seamless process for the benefit of all.

The eNaira is a central bank digital currency (CBDC) issued by Nigeria’s Apex bank. It is supposed to run on blockchain – the technology that powers most crypto currencies including Bitcoin.

Only two countries in the world have so far issued a digital version of their currency, China and the Bahamas. Nigeria was scheduled to be the third in the world, and first country in Africa to issue a digital currency.

Meanwhile, no new date has been announced for the launch.

Ismaeel

Statistician with interests in finance, risk management, loan products and market surveys. I also write on crypto currencies, Forex and a variety of financial instruments.

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