Central Bank of Nigeria to launch own digital currency by year end

The Central Bank of Nigeria (CBN) is planning to launch its own digital currency by the end of 2021.

The bank’s IT specialist Rakiya Mohammed, revealed this on Thursday after the conclusion of the Bankers Committee meeting in Lagos.

According to her, the central bank 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.

She said;

“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 another reason the 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 and that the CBN would be exploring various technological options.

Ms Rakiya added that when eventually the operation commerce, the currency would complement cash notes.