Nigerian Central Bank Says It Is Now Ready to Launch CBDC, Downplays Previous...
After failing to roll out its CBDC on October 1, the Central Bank of Nigeria (CBN) has released a document in which it reiterates its commitment to launching the e-naira. In fact, in this document titled The Design Paper for the E-naira, the CBN says it is now ready to launch Nigeria’s CBDC. CBN Prioritizes Robust Ecosystems However, in the same document, the central bank appears to downplay the implications of failing to launch as planned. Instead, the CBN attempts to highlight the importance of getting things right the first time and how this guarantees the digital....
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The Nigerian President, Muhammadu Buhari, is expected to formally launch the country’s central bank digital currency (CBDC) on October 25, 2021.
High-Level Endorsement of the CBDC
According to a statement released by the Central Bank of Nigeria (CBN), the formal event marking the e-naira’s launch will be held at the Buhari’s official residence. After the initial launch was postponed due to different factors, the CBN suggests in the statement that it has done enough to prepare for the launch this time around.
The press statement explains:
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Nearly half a million e-naira wallets have been downloaded a few weeks after the central bank digital currency (CBDC) was officially launched by Nigerian President Muhammadu Buhari, the central bank has said. E-Naira’s Initial Trade Volumes In addition to the 488,000 wallets that have been downloaded, Osita Nwanisobi, who is the Central Bank of Nigeria (CBN)’s spokesman, is quoted confirming that a total of 78,000 merchants from 160 countries have now enrolled to become a part of the e-naira ecosystem. Despite the CBDC’s seemingly early success, a report by Bloomberg....
Nigerian blockchain and cryptocurrency experts have suggested that many prospective users will only consider adopting the e-naira once the central bank has done enough to make the CBDC (central bank digital currency) an attractive option to use. E-Naira Still Unattractive to Users Some Nigerian experts have expressed doubts about claims by the Central Bank of Nigeria (CBN) that many residents in the country of more than 200 million inhabitants are interested in or switching to the recently launched central bank digital currency (CBDC), the e-naira. The experts argue the e-naira, which was....
The Nigerian central bank digital currency was originally slated for launch earlier this month, but it has been delayed. Nigerian President Muhammadu Buhari is set to officially introduce the country’s central bank digital currency (CBDC), the eNaira.The Central Bank of Nigeria (CBN) has published a document in which it reaffirmed its intention to introduce the eNaira after previously attempting but failing to do so on Oct. 1. According to the design paper for the eNaira, the CBN now considers itself prepared to implement Nigeria’s CBDC. The CBN is working on a global cryptocurrency that....
The Central Bank of Nigeria has said it is slashing transaction fees for the e-naira platform by 50% — a move which the bank claims will increase the volume of transactions on the central bank digital currency (CBDC) platform. The central bank also believes that wider adoption of the CBDC will bolster Nigeria’s cross-border trade volumes. Boosting E-Commerce Transaction Volumes In yet another move aimed at boosting the embrace and adoption of the e-naira central bank digital currency (CBDC), the Central bank of Nigeria (CBN) reportedly said it will slash the service fees....