Nigerian central bank says it is now ready to launch CBDC, reducing previous failures – emerging market Bitcoin News

After failing to launch its CBDC on 1 October, the Central Bank of Nigeria (CBN) has released a document to reiterate its commitment to launch e-Naira. Indeed, in this document titled Design Paper for e-Naira, CBN says that it is now ready to launch CBDC in Nigeria.

CBN prioritizes strong ecosystems

However, in the same document, the central bank downplays the effects of failing to launch according to plan. Instead, CBN first tries to highlight the importance of getting things right and how it ensures the success of digital currency in the long run. The document explains the location of the CBN:

Although the launch of e-Naira is an important event, it is a milestone in the long journey. E-Naira is a process, not a single step. Over time, CBN believes that strong ecosystems will be built on the e-Naira platform to ensure Nigeria and Nigerians get all the benefits from e-Naira.

E-Naira Roadmap

Instead of focusing entirely on launching e-Naira on time, CBN says it has spent time working on e-Naira design and architecture. It prioritizes the effectiveness of digital currencies with potential e-Naira users, the risks of e-Naira and how to mitigate them, and the roadmap for implementing e-Naira.

According to the central bank, it is these critical details that will reassure Nigerians that e-Naira, which will be available to offline users, is well-conceived and the launch is firmly planned.

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