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CBN’s e-Naira CBDC’s Oct. 1 launch revised due to 61st Independence day clash

eNaira, Nigeria’s Central Bank Digital Currency (CBDC), is expected to enhance possibilities to initiate “easier financial transactions.” While the eNaira CBDC was initially set to launch on October 1st, 2021. The date in question clashing with Nigeria’s 61st Independence day anniversary has led to its postponement.

The official Facebook post states the following:

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.

The e-Naira portal managed to host a traffic volume of over 1 million visitors in just 24-hours. eNaira CBDC is poised to be utilized as a medium of exchange and a store of value. It shall “offer better payment prospects in retail transactions when compared to cash payments.” Tabled as a fitting solution to boost financial inclusion, the eNaira CBDC will be a peer-to-peer exchangeable currency.

eNaira CBDC would facilitate seamless money exchanges among users via a linked bank account or card. It would also let customers easily transfer money from their bank account to their eNaira wallet (eNW). Users can enable eNaira wallet oversight, inquire account balances and see transaction history. eNW shalle make in-store payment via eNaira wallet simply via QR codes’ scanning. Per the eNaira CBDC website, the said digital currency is said to be identical to the physical Naira.

Enaira, a local Nigerian payments firm founded in 2004, has filed an infringement lawsuit against the CBN. Enaira Payment Solutions (EPS) is claiming its officially registered Enaira trademark. EPS has requested the Nigerian High Court to instruct the CBN to stop from using the term “Enaira.”

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