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CBN Set to Launch Digital Currency before 2022

The Central Bank of Nigeria (CBN) on Thursday, July 22, via a private webinar outlined its digital currency initiative which will be launching on October 1st, 2021.

Before now, the Nigerian Central Bank Governor, Godwin Emefiele had earlier announced during the 306th Banker’s Committee meeting announced that the bank was working on the digital currency.

The Director IT department, Rakiya Mohammed, during the press briefing at the end of the meeting explained that the bank had been conducting research in regards to CBN’s digital currencies since 2017 and may conduct a proof of concept before the year runs out.

According to her statement, she said: “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.”

She made it known that about 80 per cent of central banks all over  the world has been exploring the possibility of issuing central bank digital currency and Nigeria could not be left behind.

She said: “We have in two forms in Nigeria as of now, there are the notes and there are the coins. 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.

“Just as we are about the third or fifth in the whole world as far as advancement in the use of digital money is concerned.

 

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