Nigeria’s eNaira Faces Some Headwinds and Is Postponed

October 2, 2021

Although its website launched last week, Nigeria’s eNaira is not yet a reality and is seemingly facing some serious challenges. The digital currency was intended to be live on 1 October 2021. However, the country’s central bank announced the launch is postponed.

Osita Nwanisobi, Director of Corporate Communications, said that although the launch was supposed to take place on the country’s Independence Day anniversary, the decision was made not to overshadow other activities on the day. He stated:

“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 re-dedication to the collective dream of One Nigeria.”

Nwanisobi further noted that there is no reason for concern and a smooth rollout of the digital currency is coming. He stressed again the importance of the coin and the benefit it will bring to the people of Nigeria, especially those who do not have access to banking services.

The delay may have been expected nevertheless. An official legal complaint in the form of a cease and desist notice was issued to Nigeria’s Central Bank a few days, alleging that the ‘eNaira’ is a trademark infringement. The plaintiffs business, “Enaira payment Solution Limited” has been incorporated since 7 April 2004 and the owners are looking for a financial settlement.

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Author: Peter Siu

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