Nigeria suspends launch of ambitious e-naira project 🚨 This article is 3 years old...
News ▸ Africa · Nigeria ▸ Regulation
Nigeria suspends launch of ambitious e-naira project
The apex bank of Nigeria has announced the postponement of the launch of the country’s CBDC project, eNaira.
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Updated: Mar. 1, 2024 at 4:29 pm UTC
Photo by ismail seghosime from Pexels
The apex bank of Nigeria has announced the postponement of the launch of the country’s CBDC project, eNaira. According to a local media report, the bank cited important events lined up in preparation for the country’s 61st Independence anniversary.
Nigeria suspends “eNaira” launch
Central Bank of Nigeria’s (CBN) Director of Communications, Osita Nwasinobi, on Thursday, revealed that the suspension of the launch of the CBDC project was in respect of the current mood of “national rededication to the dream of One Nigeria.”
Ahead of the anticipated launch of Nigeria’s Central Bank Digital Currency, known as eNaira, the Spokesman of the Central bank of Nigeria, Mr Osita Nwanisobi, says the planned unveiling on October 1, 2021, has now been deferred due to other key activities lined up to commemorate the country’s 61st Independence Anniversary.
Popular Nigerian activist, commonly referred to as Sega Link, advised the apex bank not to “rush” the launch of the project, saying “it should be well planned and properly strategized.”
Interestingly, the postponement is coming a day after a tech company, ENaira Payment Solutions Limited, filed a suit against the bank over the name “eNaira,” claiming it belongs to its brand. Through its team of lawyers, the company is demanding that the CBN drop the “eNaira” name.
No further information was given on when the project would be launched.
Other countries continue on the CBDC project
While Nigeria’s launch of its CBDC project is hanging, other countries in the continent and the rest of the world are stepping up their plans for their national digital currency.
As of press time, China leads the pack with its digital yuan project. The Asian country has carried out a number of tests using the currency.
Apart from China, other countries like Russia, Japan, Barbados, South Korea have also advanced in their CBDC quest. In Africa, Ghana, Tunisia, Madagascar have also continued to work on their CBDC project.
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