eNaira Delay: CBN Delays the Launch of Nigeria’s Digital Currency

• The Central Bank of Nigeria (CBN) has announced a delay in the launch of the eNaira- Nigeria’s first digital currency

• The coin which was earlier slated to be released on October 1st, Nigeria’s independence has been postponed indefinitely

• The postponement is a result of a lawsuit filed by E Naira Payment Solutions Limited against the CBN for using the name e-naira

The Central Bank of Nigeria (CBN) has announced that the launch of Nigeria’s first digital currency, the eNaira has been postponed.

The coin which was earlier scheduled to launch on October 1, Nigeria’s independence was suspended on September 30th.

The suspension of the launch comes a day after the firm, ENaira Payment Solutions Limited filed a lawsuit against the CBN for copyright infringement.

The infringement is a result of the use of the name “eNaira” which the currency is called.

The tech company had earlier warned the apex bank through its lawyers to desist from using the name but it fell on deaf ears.

CBN’s spokesperson, Osita Nwanisobi while disclosing the postponement failed to reveal a date for the new launch.

“The CBN took the decision to postpone the launch, which had been initially planned to coincide with the Independence anniversary, in deference to the mood of national rededication to the collective dream of One Nigeria,”

Nwanisobi also preached the prospect of the digital currency staying that the eNaira would ease peer-to-peer transfers and allow people to pay for their goods from merchants with ease.

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