Ouch! This happened when we thought Nigeria was closer to the crypto economy.
The Central Bank of Nigeria (CBN) has postponed the launch of E-naira, a fiat equivalent digital currency that was to be launched on October, 1st 2021.
The CBN's spokesperson, Mr. Osita Nwanisobi, explained the reason for the postponement. According to him, the launch will no longer hold, in order not to distract Nigeria's Independence Day celebration, happening on the same day.
However, the CBN promised to reveal a new launch date for the E-naira. More so, relevant stakeholders are working tirelessly to bring the project to a successful launch at a future date.
Notable Facts about E-naira
E-naira is a product of 2 years of deliberations, contemplations, and consultations by the CBN.
E-naira is motivated by the need to achieve 80% financial inclusion.
E-naira is purely digital.
E-naira is universal and easily transferable. Individuals and organizations can transfer funds from their fiat "bank" accounts to their digital wallets from anywhere in the world.
E-naira is fiat-dependent which means that its value hinges on the operation of the national currency, Naira.
E-naira is a legal tender. It will be used for day-to-day economic transactions in Nigeria.
E-naira transaction fees are cheaper than the current bank transfer charges.
E-naira is not a CRYPTOCURRENCY.
Reactions from Crypto Enthusiasts.
Crypto enthusiasts believe so much in the principles guiding the operation of cryptocurrency like Bitcoin, Eth amongst others. They believe in the removal of any state or central control, anonymous users, decentralized operations, etc.
Their views...
That E-naira is not a cryptocurrency is a huge turn-off.
E-naira is not a store of value like Gold, Bitcoin, and other cryptos.
E-naira is the same as Naira but only in digital form and Naira's value keeps nosediving.
Infrastructural deficit and, poor internet connection in rural areas, and high cost of internet data, could defeat the CBN's 80% financial inclusion.
Summary
The journey to fix a crumbling Nigerian Naira is not an easy task. E-Naira is still a proposal and its judgment will be deferred to years after being in operation. Nigeria is not in the ranks of El Salvador in accepting cryptocurrency (Bitcoin) as a legal tender and is not ready to join the ranks soon.