CBN To Launch Digital Currency In Nigeria

 

The Central Bank of Nigeria (CBN) will soon introduce digital currency in the country.

According to the CBN, digital currency would be introduced before the end of 2021.

This was revealed on Thursday by Rakiya Mohammed, Director of the CBN’s Information Technology Department.

Mohammed said the currency would be accessible to all Nigerians at the end of the 306th Bankers’ Committee Meeting in Lagos.

“Before the end of the year, the Central Bank will make a special announcement and maybe begin a pilot plan to be able to supply this type of cash to the people,” she said. The Central Bank of Nigeria is looking at the idea of releasing digital currency.

“Because we have notes and coins in Nigeria, the CBN Digital Currency is intended to be a type of fiat money. It’ll go well with the coins and notes we already have.

“Having a government-backed digital currency like the CBN Digital Currency is beneficial to the digital economy.”

The CBN chief added that the move would boost financial inclusion and deepen access to financial services in Nigeria.