e-Naira to reduce use of cash, launch date shifted

The e-Naira which launch date has been shifted from October 1st would help to reduce the use of cash and ensure the stability of the Nigerian economy the Central Bank of Nigeria has said. The Central Bank of Nigeria (CBN) has announced the postponement of the proposed launch of its digital currency, e-Naira. The apex bank in a statement signed by its Director Corporate Communications, Mr Osita Nwanisobi, said that the launch of the eNaira which was earlier scheduled for October 1, was postponed due to other activities lined up to commemorate the country’s 61st independence anniversary.

Nwanisobi said that the CBN and other partners were working round-the-clock to ensure a seamless process that would be in the overall interest of customers, especially the unbanked population. He said that with the e-Naira Nigerians would be able to carry out peer-to-peer transfer to another person’s e-Naira wallet, as well as pay for goods and services at selected merchants. The director assured Nigerians that financial institutions in Nigeria remained key actors and were a critical part of the CBN Digital Currency.

But some financial experts had earlier cautioned the apex bank to be a bit cautious and not to rush to launch the digital currency. Mr Okechukwu Unegbu, a past President of the Chartered Institute of Bankers of Nigeria (CIBN) according to NAN report, had advised the CBN to engage more stakeholders in consultations and to carry out adequate sensitisation before launching the e-Naira.