Reporting on Fintech, Bitcoin, Ethereum, Blockchain and Cryptocurrency News in Nigeria


The Nigerian Central Bank Will Launch Its Digital Currency Soon, CBN Governor Reaffirms

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The governor of the Central Bank Of Nigeria (CBN) on Thursday confirms that the launch of Nigeria digital currency is within days.

The e-naira which is the name given to the CBDC of Nigeria will be set in motion in “a couple of days” Godwin Emefiele affirms.

This is not the first time an announcement of this nature has been made. The CBN (central bank of Nigeria) has previously announced that the country’s CBDC would be launched on the first of October which is the country’s independence day, and afterwards came out to give an indefinite date.

One reason for the postponement is said to be connected to a legal challenge. According to the report by cryptotvplus, the CBDC launch was delayed because of the lawsuit against the Central Bank of Nigeria by the Enaira payment solution. 

The challenge is said to be that the Enaira payment solution claims that it is the rightful owner of the Enaira label. Following the move by the Enaira payment solution, the court had since justified the case in favour of the central bank of Nigeria. 

According to the CBN spokesman who spoke about the delay in the launch of the digital currency, the High Court Judge, Taiwo Abayomi Taiwo, suggested that the “plaintiff may be adequately “compensated”.

Yet another reason for the postponement according to the report by naira metrics, the CBDC website attracted more traffic than is expected. This has led the central bank of Nigeria to make plans for a reassessment of the system powering the digital currency before eventually establishing the e-naira. 

Godwin Emefiele when speaking about the e-naira CBDC said with pride that Nigeria will be ” one of the first countries in Africa to adopt the digitisation of its national currency”. 

The control of the monetary system will undoubtedly be in the hands of the central bank of Nigeria after the eventual launch of the CBDC.

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