Skip to content

CBN to launch own digital currency by year end – Official

The Central Bank of Nigeria (CBN) is planning to launch its own digital currency by the of 2021, Rakiya Mohammed, the bank’s IT specialist said on Thursday in Lagos.

Ms Mohammed’s disclosure follows the conclusion of the Bankers Committee meeting.

According to her, the apex bank has for over two years been exploring the technology and has made tremendous progress.

RECOMMENDED FOR YOU

“Before the end of the year, the Central Bank will be making a special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace,” she said.

Ms Mohammed said when eventually  operational, the currency would complement cash notes.

The official said another reason the apex bank plans to come up with digital currency  is to make remittances travel easier from abroad to Nigeria.

She said that digital currency would accelerate the ability to meet the target, regardless of one’s country of residence.

The specialist also said that CBN would be exploring various technological options and engaging various industry players as well as moving to the next stage of proof of concept to pilot the scheme.

Ms Mohammed said that CBN considered the architecture, accessibility issue and privacy of the currency before going into it.

Other issues discussed at the bankers’ committee meeting include  launch of digital cards as well as foreign exchange availability in banks.

NAN

Akewusolaf View All

Akewusolaf is an online Publication. I blog about News| Sports| Politics| Entertainment| Celebrity Gist| Health Tips| Gossip| Personality| Current Affairs| Quotes

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: