JUST IN: CBN Suspends e-Naira Roll Out

JUST IN: CBN Suspends e-Naira Roll Out

The Central Bank of Nigeria (CBN) has postponed the introduction of its digital currency, dubbed e-Naira, which was supposed to happen on Independence Day.

iexclusive News Nigeria reports that CBN spokesman Osita Nwanisobi announced the suspension while speaking to the press in Abuja on Thursday. Other festivities planned for the country’s 61st independence anniversary will now be able to take place as a result of the change in events.

There is yet to be a new launch date announced.

The CBN had previously announced the launch of its digital currency (e-Naira) pilot program in October, citing the benefits of the digital currency as cross-border trade facilitation, financial inclusion, monetary policy effectiveness, improved payment efficiency, revenue tax collection, remittance improvement, and targeted social interventions.

According to reports monitored by iexclusive News Nigeria on Peoples Gazette, the apex bank had chosen Barbados-based financial tech company Bitt Inc. as the technical partner for the e-Naira initiative, in August.