Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Nigeria and Ghana are racing to adopt a central bank digital currency as they look to ride the wave of popularity of cryptocurrencies in West Africa's two largest economies

Africa

Nigeria delays launch of eNaira digital currency

AbujaNigeria, Oct 1 – Nigeria has delayed the launch of its eNaira digital currency, initially planned for Friday, because of the country’s independence day celebrations, the Central Bank of Nigeria said.

Africa’s largest economy was set to follow China and others in adopting a central bank-backed digital currency as it looks to tap into the popularity of crypto and virtual money.

“The planned unveiling on October 1, 2021 has now been deferred due to other key activities lined up to commemorate the country’s 61st Independence Anniversary,” the CBN spokesman said in a statement on the bank’s Facebook page.

“The CBN and other partners were working round the clock to ensure a seamless process that will be for the overall benefit of the customer.”

The statement did not give details on when the eNaira would officially be launched. Central bank officials did not immediately return calls seeking clarification on the new date.

Nigeria has seen a boom of cryptocurrencies as people look for ways to avoid the weakening naira currency and counter soaring costs of living and unemployment in Africa’s most populous country.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...