The Central Bank of Nigeria has constantly been in the news recently, with its influence becoming more overbearing – from its decision to freeze the accounts of some startups in the name of stopping speculation and protecting the naira, to the decision to stop allocating USD to BDC operators, yet in its wisdom allowing a complex nation like Nigeria to have multiple exchange rates.
However, I wonder whether this was well thought through or just a policy designed and announced in a rush simply because of the threats posed by cryptocurrencies. Irrespective of my opinion, the e-Naira would likely become a reality in the next few weeks. Although the modalities of how this currency would function aren’t very clear at this time because I wonder whether the CBN has fully considered issues around what blockchain infrastructure it intends to deploy and how privacy would be guaranteed.
The CBN has gone ahead to name Friday, October 1, 2021, as its launch date for the e-Naira and also taken a further step by selecting a Barbados-based fintech firm, Bitt Inc. as its technical partner in developing its CBDC.
Flooped project
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