Nigeria’s apex bank delays launch of e-Naira

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

In a statement late Thursday, 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 overall interest of customers, especially the unbanked population, the statement said.

Local financial analysts had earlier cautioned the CBN to be circumspect about the new innovation, and not to be in a haste to launch the digital currency, while carrying out adequate sensitization of the citizens ahead of the proposed launch.

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.