This archive report was first published on 4 October 2021.
On October 1, 2021, Nigeria was set to become the latest country to adopt a central bank-backed digital currency, following in the footsteps of China and others.
However, the Central Bank of Nigeria (CBN) has announced that the launch of the eNaira digital currency has been delayed due to the country's 61st Independence Anniversary celebrations.
According to a statement by the CBN, the planned unveiling has been deferred due to other key activities lined up to commemorate the country's Independence Day.
The CBN and its partners were working round the clock to ensure a seamless process that would benefit customers, but the new launch date remains unclear.
Nigeria has seen a surge in the use of cryptocurrencies as people seek to avoid the weakening naira currency and rising costs of living and unemployment in the country.
