Nigerian banks integrate CBDC despite an e-Naira setback

A significant number of Nigerian Bank applications include the e-Naira feature, despite the delay in the e-Naira launch.

Nigerian banks integrate CBDC despite an e-Naira setback

A significant number of Nigerian Bank applications include the e-Naira feature, despite the delay in the e-Naira launch.

As you may recall, Nigeria's Central Bank recently delayed unveiling e-Naira, their digital currency.

CBN guidelines for e-Naira regulations stipulate financial institutions regulated by the Apex bank will be required to manage e-Naira on the Digital Currency Management System via maintaining a treasury e-Naira wallet.

In its latest update, Nigeria's most valuable bank, Guaranty Trust Bank, has already integrated an e-Naira feature. When opened, the message reads, "Please note that in order to create your CBN e-Naira username and password, you will need to download and establish your CBN e-Naira speed wallet app."

In advance of the official launch of the CBN's e-Naira, another Tier 1 Nigerian Bank, Stanbic IBTC sent a message to its customers informing them that the e-Naira will be available on its digital platforms.

In order to facilitate easy access to and use of the e-Naira, we have made it available for use and access through our digital banking platforms. “As a result, we will have access to this new capability commencing Friday, 01 October 2021, when the CBN launches in Nigeria," Stanbic IBTC Bank said.

Nevertheless, since the e-Naira has been delayed, consumers cannot buy it yet.

As part of its commitment to promoting inclusive economic growth and sustainable development through the introduction of the central bank digital currency, the Central Bank of Nigeria (CBN) has said that it will not stop at its current pace.

A CBN official, Osita Nwanisobi, the Director of, Corporate Communications Department, announced this at the ongoing 16th Abuja International Trade Fair being held by the Abuja Chamber of Commerce and Industry at the weekend.

He further added that the operation of the digital currency was safe, easily accessible, and digitized so that bank accounts and other payment platforms could be linked to it.

Nwanisobi, who showed journalists around the CBN trade fair pavilion, stated that while banks and other financial institutions would be involved in the distribution of the currency, the apex bank would be the primary minting and issuance authority.

The CBN is expected to unveil e-naira in the next few days. “E-naira is Nigeria's digital equivalent of the physical currency (naira notes)." He added.