The Central Bank Of Nigeria (CBN) Has Postponed Its Scheduled Launch Of E-Naira
The Central Bank of Nigeria (CBN) has postponed its scheduled launch of e-Naira
The Central Bank of Nigeria (CBN) has postponed the much-anticipated launch of Nigeria's digital currency, the E-naira, which had been scheduled for today. The CBN announced the postponement on its website.
Mr Osita Nwanisobi, the Apex Bank's Director of Corporate Communications, made the announcement in Abuja today, according to the bank. In his statement, he confirmed that the Central Bank had decided to postpone the planned launch for today in order to accommodate other activities planned to commemorate the country's Independence Day.
Despite the fact that the launch of the e-Naira has been approved by a Federal High Court in Abuja, the decision to postpone the launch has been made.
A court case is currently pending
It was previously announced that the Central Bank of Nigeria (CBN) would be served with a cease and desist notice in connection with its proposed use of the name "eNaira." The lawsuit was filed against ENaira Payment Solutions Limited by Olakunle Agbebi & Co, a law firm, on the basis of a claim of trademark infringement against the company.
Rather than dismissing the motion, however, the court found that launching the virtual currency would be in the public's interest if both the country and the plaintiff could be adequately compensated for the costs of such a venture.
While speaking on the subject of digital currency, Mr. Osita Nwanisobi assured us that the central bank and its other partners were working tirelessly to ensure a seamless process that would be in the best interests of all customers, particularly those living in rural areas and the unbanked.
Nigerians will reap enormous benefits from the digital currency, he reiterated. They will also have the option of sending money between friends and paying for goods and services at specific merchant locations.
The director went on to say that the e-Naira will reduce the use of foreign currency and help to maintain the stability of the Nigerian economy. Upon questioning him about the readiness of banks and other financial institutions, the president stated that transactions would begin on launch day but reiterated that not all bank customers would be able to transact on the debit day of launch because digital currency is a process.
