Nigeria’s Central Bank Says It’s Now Ready to Launch CBDC, Minimizes Previous Failure – Bitcoin News in Emerging Markets – News Couple

Nigeria’s Central Bank Says It’s Now Ready to Launch CBDC, Minimizes Previous Failure – Bitcoin News in Emerging Markets

After failing to launch its central bank digital currency on October 1, the Central Bank of Nigeria (CBN) released a document confirming its commitment to launching e-naira. In fact, in this document titled The Design Paper for E-naira, the CBN says it is now ready to launch a CBDC in Nigeria.

CBN prioritizes strong ecosystems

However, in the same document, the central bank appears to be downplaying the implications of failing to start as planned. Instead, the CBN is trying to highlight the importance of getting things right the first time and how this ensures the digital currency’s long-term success. The document explains CBN’s position:

While the launch of the e-naira is a significant event, it is a milestone in a long journey. The e-naira is a process, not a one-step process. Over time, the CBN believes that the robust ecosystems that will be built on the e-naira platform will ensure that Nigeria and Nigerians get all the benefits from e-naira.

E-Naira roadmap

Rather than placing its entire focus on launching the e-naira on time, CBN says it has spent time working on the design and engineering of the e-naira. It also prioritized sharing with potential e-naira users the functionality of the digital currency, the risks of e-naira and how they will be mitigated, and the e-naira implementation roadmap.

According to the Central Bank, it is these important details that should provide comfort to Nigerians that e-naira, which will be available to offline users, has been well designed and aggressively planned for launch.

What do you think of this story? You can share your opinions in the comments section below.

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