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CBN Postpones The Launch Of Nigeria’s First Digital Currency, eNaira

E-Naira

As Nigerians await the launch of the country’s first-ever digital currency dubbed the eNaira, which was scheduled to be unveiled tomorrow, 1st of October, 2021, the country’s apex bank, the Central Bank of Nigeria (CBN) has announced today, Thursday, September 30th, 2021, that the planned launch of the eNaira will no longer hold tomorrow, as a new date will be announced in due course.

The launch of the nation eNaira has generated a lot of excitement among the citizens who were all looking forward to October 1 as they were eager to get on board and enjoy the new initiative by the CBN. The postponement will definitely come as a huge disappointment as they have to wait for a later date which is yet to be announced by the apex bank.

In the statement released by the CBN and was signed by the Director of Communications, Osita Nwasinobi, The apex bank explained that although they thought that merging the launch of the new digital currency with the 61st Independence Day celebration of Nigeria would be a perfect climax, they went back on that decision  “in deference to the mood of national rededication to the collective dream of One Nigeria.”

The statement titled, “CBN defers eNaira launch to mark Independence Anniversary”, read in part:

“Ahead of the anticipated launch of Nigeria’s Central Bank Digital Currency, known as eNaira, the Spokesman of the Central bank of Nigeria, Mr. Osita Nwanisobi, says the planned unveiling on October 1, 2021, has now been deferred due to other key activities lined up to commemorate the country’s 61st Independence Anniversary.”

While assuring that there was no cause for alarm, Nwasinobi said the CBN and other partners were working round the clock to ensure a seamless process that will be for the overall benefit of the customer, particularly those in the rural areas and the unbanked population.

However, Nairametics has gathered that the unexpected traffic to the eNaira website forced the management of the CBN to go back to the drawing board as the surge was unexpected. According to the economic website,

“An unanticipated surge in visits on the website of the Central Bank’s eNaira initiative has led to the sudden postponement of the launch of the apex bank’s digital currency dubbed “eNaira.” The surge led to a recalibration of the number of potential users, which the bank now believes could be ten times more than earlier expected soon after the launch. The bank, therefore, decided to postpone the launch in order to recheck and retest the robustness, safety, scalability and security of the eNaira system.

“The eNaira website recorded about 480,000 hits the first day it went live. The visits grew to over 1.7 million the next day and has averaged over 2.8 million hits daily since then. Apart from attracting hits, the website has also recorded a surge in usage with the time spent on the site generating content of over 80 GB daily. Nairametrics understands this required that the apex bank conduct another stress test on its systems to ensure it is capable of withstanding a further surge in traffic when they go live.

“The apex bank seems to have learnt from the botched launch of Obamacare which was coincidentally launched on the 1st of October 2013. Back then, the website was unable to consistently handle 500 users at once in the testing phase, and tests failed with 2,000 users over a three-day period, according to a Reuters report at the time. Engineers conducted performance tests just before launch and the results pointed to capacity issues that could affect a smooth experience on the launch date. Yet they proceeded, embarrassing President Obama.

“To sidestep a similar fate, Nigeria’s central bank decided to postpone the launch until they have assurances that their system has the right capacity to withstand a surge in visits.”

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Entertainment

Kunle Remi Blasts Government on economic hardship, asks Nigerians to hold government accountable

Nollywood actor Kunle Remi has joined growing public frustration over the rising cost of petrol, using his platform to call for more open conversations about the country’s current economic strain

The actor pushed back against the idea that public figures should stay silent on political or economic issues. “Usually I say things like I don’t really get involved with politics… No, that’s the most stupid statement from anyone in Nigeria right now,” he said. “We should be discussing, we should be talking about it, we should be trying to fix… There’s nothing like sitting on the fence.”

Remi linked his concerns to the direct impact of fuel prices on everyday life, pointing to the ripple effect across businesses and households. “Today I bought petrol for 1,300-something naira,” he said, noting that everything from shopping malls to small barber shops depends heavily on petrol to operate. “I have a child, so I’m thinking not just for myself.”

He also questioned Nigeria’s sensitivity to global oil market shifts, particularly ongoing tensions in the Middle East. “I don’t understand why Nigeria is one of the first countries to be affected by the war in Iran. My spirit is very angry. All the things I’ve been working for is for what?” he said.

His comments come amid sustained pressure on petrol prices across Nigeria. Despite the start of domestic refining operations, including the Dangote Refinery, pump prices have continued to reflect global market volatility. Industry stakeholders have pointed to international crude oil price movements and geopolitical tensions as key factors limiting any immediate relief.

Recent market data shows that a nearly 20 per cent increase in petrol prices implemented last week remains in place, with a national average of about N1,300 per litre. A decline in crude oil prices earlier in the week has yet to translate into lower pump prices, raising further concerns among consumers.

Online, Remi’s remarks have drawn widespread support, with many users commending him for speaking out on an issue that directly affects daily living. Some described his comments as reflective of broader public sentiment, especially as more Nigerians grapple with rising transportation and operating costs.

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Business

NCC orders Telco’s To compensate subscribers for poor network service

The Nigerian Communications Commission (NCC) has instructed Mobile Network Operators (MNOs) to make things right for customers when the network quality in certain areas doesn’t meet the expected standards.

This directive was shared in a statement released on Sunday by Nnenna Ukoha, who leads the Public Affairs Department. The statement emphasized the Commission’s firm view that customers shouldn’t have to bear the entire brunt of service problems if operators aren’t meeting the required service delivery benchmarks.

Part of the statement said “Under this directive, erring operators will compensate affected users directly for breaches of Quality of Service (QoS) Key Performance Indicators (KPIs).
Mobile Network Operators (MNOs) shall be required to pay these compensations for instances of poor quality of service recorded within specified time frames.

The compensation will be provided in the form of airtime credits, calculated based on subscribers’ average spending patterns and their presence within Local Government Areas where service failures occur.”

Ukoha explained that this directive stems from the Commission’s overall approach to regulation, which prioritizes the consumer right at the heart of Nigeria’s telecommunications landscape. They emphasized that today’s telecommunications services are fundamental to economic activity, social connections, and gaining access to digital possibilities.

“When service quality is poor, the consequences affect productivity, commercial activities, and even public confidence in our communications system.

While regulatory fines have traditionally served as a deterrent against poor service delivery, the Commission is adopting a more consumer-focused approach that strengthens accountability within the industry,” the statement said.

The Commission has designed this measure to complement existing and ongoing efforts to strengthen service quality monitoring and enforce performance standards.

“Further to this directive by the Commission to MNOs on compensation to consumers, the Commission is also mandating Tower Companies that own the critical infrastructure for Quality of Service delivery, such as masts, to invest in infrastructure with measurable outcomes using sums that it has fined these companies, in addition to other financial fines the Commission will deem appropriate.

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News

FG Says Nigeria needs $100 billion to solve power crisis

Nigeria needs over $100 billion in public and private investments to achieve 24-hour electricity, as Power Minister Adebayo Adelabu outlines funding gaps, gas shortages, and sector reforms. The Federal Government has revealed that Nigeria needs more than $100 billion in combined public and private investment across the entire power sector to ensure a reliable 24/7 electricity supply.

At a press conference, where he was updating the public on recent developments and achievements in the power sector under the current government, the Minister of Power, Adebayo Adelabu, acknowledged the recent decline in electricity supply across the country. He apologized to the people of Nigeria and promised to take quick steps to fix the situation.

Put together, we are talking of over $100bn of investments in the upstream, midstream, and downstream of the power sector value chain,” Adelabu said. “This is not a figure to be underestimated, but it is achievable in phases, through a combination of government and private sector participation. Patience and consistent investment are key.”

The minister explained that the government has worked out the costs: bringing an extra 20,000 megawatts of power online would likely set them back around $30 billion, based on an average cost of $1.5 billion for every 1,000MW plant. Getting that power to where it’s needed through transmission lines is estimated at $20 billion, while setting up distribution networks and gas pipelines would cost roughly $25 billion and $22 billion, respectively.

Adelabu pointed out that while South Africa, with a population of about 60 million, is considering a $25 billion private investment in its energy sector, Nigeria’s much larger population – over 200 million – means we need to invest even more, proportionally speaking.

Although there are difficulties now, the minister also emphasized the significant progress that has been made since the current administration took office in September 2023. “For the first time in Nigeria’s history, we achieved a generation peak of 6,001 megawatts in April 2025, and the highest transmission of 5,801 megawatts on March 2, 2025,” he said.

“This was made possible through completion of the Zungeru hydro power plant (700MW), rehabilitation of existing thermal plants, and expansion of renewable energy via mini-grids.”

Installed capacity rose from 13,000MW in 2023 to 14,400MW in 2025, while financial interventions included a N4tn debt restructuring to clear outstanding unpaid subsidies to power-generating companies, of which N501bn has already been raised from the bond market and disbursed.

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