Nigeria delays launch of central bank-backed eNaira digital currency

Africa’s largest economy was set to follow China and others in adopting a central bank-backed digital currency as it looks to tap into the popularity of crypto and virtual money.

“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 CBN spokesman said in a statement on the bank’s Facebook page.

“The CBN and other partners were working round the clock to ensure a seamless process that will be for the overall benefit of the customer.”

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

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

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