The Ccentral bank of Nigeria (CBN) has announced the postponement of its Central
Bank Digital Currency (CBDC), known as eNaira originally planned to be launched on
October 1, Nigeria’s independence day.
The bank had earlier said it would launch the currency today, October 1. It
announced a postponement Thursday citing lined up events for the country’s 61st
The postponement came a day after a firm (ENaira Payment Solutions Limited) filed a
suit before the Federal High Court against the CBN over the name “eNaira”.
The firm had through its lawyers warned the bank to desist from the using the name
A statement signed by the CBN’s spokesperson, Osita Nwanisobi, did not give a new
date for the launch. Mr Nwanisobi said there was no cause for alarm.
“The CBN took the decision to postpone the launch, which had been initially planned
to coincide with the Independence anniversary, in deference to the mood of national
rededication to the collective dream of One Nigeria,” he said.
He said the CBN and other partners were working 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 said the digital currency would ease peer-to-peer transfers, pay for goods and
services at selected merchants once launched.
He said the eNaira will limit the use of currency and ensure the Nigerian economy’s
On the readiness of banks and other financial institutions in the financial ecosystem
for the launch of the eNaira, he reiterated that eNaira was a journey, explaining that
not all bank customers were expected to commence transactions on the day of the
He assured that financial institutions in Nigeria remained key actors and were a
critical part of the Central Bank Digital Currency (CBDC).
Mr. Nwanisobi also said that the CBN was mindful of concerns expressed about the
eNaira, being among the first central bank’s digital currencies in the world.
According to him, the bank had put a structure in place to promptly address any issue
that might arise from the pilot implementation of the eNaira.