On Thursday, July 22, 2021, the Central Bank of Nigeria (CBN) revealed that the pilot scheme of its digital currency — eNaira — will launch on October 1, 2021.
However, due to reasons ranging from a clash with Independence Day activities to the ill-preparedness of commercial banks, the much-anticipated launch was postponed
While addressing the postponement, CBN’s Director of Communications, Osita Nwasinobi, again recited some benefits of the eNaira — peer-to-peer transactions, reduction of cash use, and financial inclusion.
While the eNaira has its benefits, concerns have been pointed out regarding transparency and how it could aid illegal financial practices by those in control. Continue reading