CBN Set to Unveil Own Digital Currency Before End of 2021
Nigeria’s apex bank, Central Bank of Nigeria (CBN) has made known it’s plans to introduce their own digital currency before the end of 2021.
Disclosed on Thursday by the Director, Information Technology Department of the CBN, Rakiya Mohammed at the end of the 306th Bankers’ Committee Meeting in Lagos, she said the currency would be accessible to all Nigerians.
According to her statement, “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.
“The CBN is exploring the possibility of issuing digital currency.
“In Nigeria, we’ve the notes and coins, so the CBN Digital Currency is meant to be a form of fiat money. It’s going to complement the coins and notes that we have.
“Having the CBN Digital Currency that’s backed by the government is good for the digital economy.”
Mohammed added that the move would boost financial inclusion and deepen access to financial services in Nigeria.
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