Nigeria’s apex bank delays launch of digital currency

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Central Bank of Nigeria
Central Bank of Nigeria

Nigeria’s apex bank has said it is postponing the proposed launch of the country’s digital currency, e-Naira, to an unspecified date.

A statement by the Central Bank of Nigeria (CBN) said the delay was due to other activities lined up to commemorate the West African country’s 61st independence anniversary on Oct. 1.

The delay will allow the CBN and its partners to ensure a seamless process that would be in the interest of customers, especially the unbanked population, it said.

Local financial analysts had earlier cautioned the CBN to be circumspect about the new innovation and avoid rushing to launch the digital currency.

According to the apex bank, with the digital currency, Nigerians would be able to carry out peer-to-peer transfers through the e-Naira wallet, as well as pay for goods and services at selected merchants.

This would also help to reduce the use of cash and ensure the stability of the Nigerian economy, said the apex bank.

In late September, CBN’s e-Naira website was test-run ahead of the earlier proposed official launch.

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