The much-anticipated launch of Nigeria’s digital currency scheduled on Independence Day has been suspended, the Central Bank of Nigeria announced on Thursday.
The suspension was announced by CBN spokesman Osita Nwanisobi while addressing the press in Abuja. The shift in events is to allow other events slated for the country’s 61st independence anniversary to take place.
No new date has been announced for the launch yet.
The CBN had earlier announced the launch of its digital currency (e-Naira) pilot program in October, citing cross-border trade facilitation, financial inclusion, monetary policy effectiveness, improved payment efficiency, revenue tax collection, remittance improvement, and targeted social interventions as benefits of the digital currency.