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CBN Postpones Planned Unveiling Of eNaira Indefinitely

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The Central Bank of Nigeria (CBN) has announced the postponement of the launch of the eNaira, citing key activities lined up for Nigeria’s independence anniversary.

Nigerians had been informed by the apex bank to download the eNaira app on their mobile gadgets from October 1, 2021.

The spokesman of the CBN, Osita Nwasinobi, issued a last-minute statement on Thursday, explaining that the suspension of the launch was in deference to the mood of national rededication to the collective dream of One Nigeria.

It is unclear if a lawsuit filed by ENaira Payment Solutions Limited before a federal high court against the Central Bank of Nigeria over the name “eNaira” may have forced the apex bank to put the launch of the digital currency on hold.

The firm, through its lawyers, accused the CBN of trademark infringement, notifying it to desist from using the proposed name.

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“Ahead of the anticipated launch of Nigeria’s Central Bank Digital Currency, known as eNaira, the Spokesman of the Central bank of Nigeria, 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,” the statement reads.

Nwasinobi gave assurance that 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”.

He further noted that the digital currency would ease peer-to-peer transfer, enable payment for goods and services at selected merchants once launched.

The CBN director added that the apex bank had put a structure in place to promptly address any issue that might arise from the pilot implementation of the eNaira.

A new launch date is yet to be announced

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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