CBN digital currency set to begin 2022
The Central Bank of Nigeria has said that it will launch a digital currency before the end of 2021 as part of its cashless policy drive.
Making this disclosure during a press briefing on the Bankers’ Committee meeting, the Director-Information Technology Department, Central Bank of Nigeria, Mrs. Rakiyat Mohammed, who said that the banking regulator will launch a digital currency before the end of 2021 noted: “As I said before the end of the year, the Central Bank will be making special announcement and possibly launching a pilot scheme in order to be able to be able to provide this kind of currency to its populace.”
He stated that about 80 per cent of central banks in the world were exploring the possibility of issuing central bank digital currency and Nigeria needed to follow the trend.
Mrs. Rakiyat Mohammed while stating that the CBN had been exploring technology for over two years, said there were currently two forms of money in the country which are notes and coins.
According to her, “So the Central Bank currency is to be the third form of money which means just as we have electronic money, digital money is not new in Nigeria.”
“So this is going to compliment the coins and cash that we have,” she added
“The Central Bank digital currency will just be as good as having cash in your pocket and even as you have the cash in your pocket, you are going to have the cash on your phone.”
She also revealed that the Central Bank was looking at different use cases such as remittances.
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