Central Bank Delayed E-Naira Rollout-Emerging Market Bitcoin News

Central Bank of Nigeria (CBN) spokesperson Osita Nawanisobi said the introduction of the widely used e-Naira Central Bank Digital Currency (CBDC) has now been postponed to a later date. The announcement came less than 24 hours before the CBN was scheduled to launch digital currency.

Launch date clashes with Nigeria’s Independence Day

In a Facebook post that reveals the reasons behind the honoring, Nawanisobi hints at a clash between Nigeria’s Independence Day and the launch date of the CBDC. According to the post, the spokesperson explained that:

The planned unveiling on October 1, 2021 has been postponed due to other important activities lined up on the occasion of the 61st Independence Day of the country.

However, despite this suspension, Navanisobi assured Nigerians that the CBN and its partners were “working round the clock to ensure a smooth process.” According to CBN Post and Navanisobi, this is being done “for the overall benefit of the customer, especially in the countryside and the undeveloped population.”

Not all banks are ready

Meanwhile, in response to assurances that some banks are not yet ready for e-Naira, as well as his concerns, Navanisobi acknowledged that “not all bank customers are expected to start transactions on launch day.” The spokesman assured financial institutions in Nigeria that they were “the main actors and an important part of the central bank’s digital currency (CBDC).”

As previously reported by News, the CBN regularly reminds Nigerians of the launch date of the CBDC. However, just days before the launch, a local payment firm claimed that CBN had infringed its properly registered trademark. The agency now wants the country’s high court to force the CBN to refrain from using the word “enira”.

In his Facebook statement, Navanisobi did not acknowledge the existence of a lawsuit against CBN or seek to resolve speculation surrounding the expertise of Bitcoin, the central bank’s technical partner.

Instead, the spokesperson reconsidered CBN’s claim that e-Naira was going to enable Nigerians to make peer-to-peer transfers to another person’s e-Naira wallet as well as pay for selected merchants’ products and services.

Are you surprised by CBN’s decision to delay the launch of e-Naira? You can share your opinion in the comments section below.

Image credit: Shutterstock, Pixabay, WikiCommons

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