CBN Ready to Launch CBDC eNaira Despite its Previous Failure

Bank of Jamaica All Set for Launch of Its CBDC
  • BN is ready to launch eNaira despite its previous failure.
  • CBN has released a document in which it repeats its commitments 
  • CBN mentions eNaira will be available to offline users.

Nigeria Central Bank planned to launch its CBDC eNaira on October 1st. But unfortunately, the mission was failed. But now, again the Central Bank of Nigeria (CBN) has released a document in which it repeats its commitments to launching the eNaira. In the document The Design paper for the eNaira, CBN mentioned that it is now ready to launch Nigeria’s CBDC.

Accordingly, in the same document, the CBN appears to downplay the implications of the failure to launch as planned. However, the CBN highlights the points about the importance of getting things right the first time. And also made the effort to assure the digital currency’s success in the long term.

Furthermore, The Design Paper for the eNaira document explains the CBN’s position, “While the launch of the eNaira is an important event, it is one milestone on a long journey. The eNaira, a process, not a single step.” And also added, “Over time, the CBN believes the robust ecosystems that will build on the eNaira platform will ensure Nigeria and Nigerians receive all the benefits from the eNaira”.

Henceforth, CBN is not only focusing on the launch of eNaira on time. But also it has made an effort by mentioning the spent time working in the eNaira design and architecture. Even more, categorized sharing with prospective eNaira users the digital currency’s functionalities, the effects of the eNaira and how they will mitigate, and the eNaira future implementation roadmap.

As per CBN, this detailed information will provide trust and comfort to Nigerians, eNaira will be available to offline users. Therefore, CBN was ready to launch its cryptocurrency eNaira.

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