The Central Bank of Nigeria says it is now ready to launch a CBDC, downplaying previous failures – Emerging Markets Bitcoin News

After failing to launch its CBDC on October 1, the Central Bank of Nigeria (CBN) issued a document reiterating its commitment to launch e-naira. In fact, in this design document called E-naira, CBN stated that it is now ready to launch Nigeria’s CBDC.

CBN prioritizes a strong ecosystem

However, in the same Documentation, The central bank seems to have played down the impact of the failure to start as planned. Instead, CBN tries to emphasize the importance of doing it right the first time and how this guarantees the long-term success of digital currencies. The document explains CBN’s position:

Although the launch of e-naira is an important event, it is a milestone in a long journey. e-naira is a process, not a step. Over time, CBN believes that the strong ecosystem built on the e-naira platform will ensure Nigeria and Nigerians get all the benefits from e-naira.

Electronic Naira Roadmap

CBN stated that it did not focus all its energy on launching e-naira on time, but spent time on the design and architecture of e-naira. It also prioritizes sharing the functions of digital currency with potential e-naira users, the risks of e-naira and how to mitigate these risks, as well as the e-naira implementation roadmap.

According to the Central Bank, it is these key details that should comfort Nigerians. The e-naira, which can be used by offline users, has been carefully conceived and the launch has been carefully planned.

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