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CBN postpones launch of eNaira

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The Central Bank of Nigeria (CBN) today confirmed the postponement of its Central Bank Digital Currency (CBDC), known as eNaira.

Speaking to reporters, CBN spokesperson Osita Nwanisobi, explained that the decision is to give room for other key activities lined up to commemorate the country’s 61st independence anniversary.

Nwanisobi also said the apex bank 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.

Highlighting the benefits of the eNaira, he stressed that Nigerians would be able to carry out peer-to-peer transfer to another person’s eNaira wallet as well as pay for goods and services at selected merchants.

He added that the eNaira would also help reduce the use of cash and ensure stability of the Nigerian economy.

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 launch.

He, however, assured that financial institutions in Nigeria remained key actors and were a critical part of the Central Bank Digital Currency (CBDC).

Nwanisobi also noted that the CBN was mindful of concerns expressed about the eNaira, being among the first CBDCs 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.

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