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Business News of Friday, 11 June 2021

Source: www.sunnewsonline.com

CBN to launch digital currency this year

Central Bank of Nigeria (CBN) Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN) on Thursday, in Lagos said that its digital currency might be launched by the end of 2021. Mrs Rakiya Mohammed, an Information Technology Specialist with CBN, made the disclosure at an online news briefing at the end of Bankers Committee meeting monitored in Lagos.

She said the apex bank has for over two years been exploring the technology and has made tremendous progress. “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 provide this kind of currency to the populace,” she said. Mohammed said when eventually operational,  the currency would complement cash notes.

According to her, 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 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.

Mohammed said that CBN considered the architecture, accessibility issue and privacy of the currency before going into it. On whether the Bitcoin operators would be given a space after the launch, she said that they are not under the CBN regulations but that many Nigerians have been transaction on the them.

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