Nigeria delays launch of central bank-backed digital currency eNaira

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Nigeria has delayed the launch of its eNaira digital currency, initially scheduled for Friday, due to the country’s Independence Day celebrations, the Central Bank of Nigeria said.

Africa’s largest economy was established to follow China and others in adopting a central bank-backed digital currency as it seeks to capitalize on the popularity of virtual and crypto money.

“The inauguration planned for October 1, 2021 has now been postponed due to other key activities scheduled to mark the 61st anniversary of the country’s independence,” the CBN spokesperson said in a statement on the bank’s Facebook page.

“CBN and other partners were working around the clock to ensure a smooth process that would benefit the customer overall.”

The statement did not provide details on when eNaira will be officially launched. Central bank officials did not immediately return calls seeking clarification on the new date.

Nigeria has seen a cryptocurrency boom as people seek ways to avoid the weakening of the naira currency and counter rising costs of living and unemployment in Africa’s most populous country.

(AFP)