Wed, Dec

CBN Postpones eNaira Launch

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The Central Bank of Nigeria (CBN) has on Thursday announced the postponement of the launch of the country's digital currency, eNaira. The postponement comes after ENaira Payment Solutions, an online payment firm filed a lawsuit before the Federal High Court against the apex bank over the name "eNaira".

Osita Nwanisobi, the CBN's spokesperson disclosed the postponement in a statement, assuring the public that there was no cause for alarm.

“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,” he said.

Nwanisobi explained that the apex bank and other partners were working to ensure the process will beneficial to all customers including those in the rural areas.

He noted that once the digital currency is launched, it will ease payment for goods and services at selected merchants, adding that it will reduce the use of cash and help the stability of the economy.