CBN suspends e-Naira launch

The Central Bank of Nigeria (CBN) has suspended the launch of its digital currency, called e-Naira.

This is coming hours to its scheduled launch on October 1st – Independence Day.

The suspension of the launch was announced by CBN spokesman Osita Nwanisobi on Thursday while speaking to newsmen in Abuja.

According to the CBN spokesperson, the roll out was suspended to allow other events slated for the country’s 61st independence anniversary to take place.

“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,” Nwanisobi noted in a statement.

The country’s apex bank is however yet to fix a new date to carry out the launch of e-Naira.

Recall that the CBN had earlier announced the launch of its digital currency (e-Naira) pilot program in October, citing cross-border trade facilitation, financial inclusion, monetary policy effectiveness, improved payment efficiency, revenue tax collection, remittance improvement, and targeted social interventions as benefits of the digital currency.

The Apex bank had chosen Barbados-based financial tech company Bitt Inc. as the technical partner for the e-Naira project.

The website of e-Naira had already go live ahead of its official launch.

 

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