CBN to launch own digital currency by year end: Official
The Central Bank of Nigeria (CBN) is planning to launch its own digital currency by the of 2021, Rakiya Mohammed, the bank’s IT specialist said on Thursday in Lagos.
Ms Mohammed’s disclosure follows the conclusion of the Bankers Committee meeting.
According to her, 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 a special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace,” she said.
Ms Mohammed said when eventually operational, the currency would complement cash notes.
The official said 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 the 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.
Ms Mohammed said that CBN considered the architecture, accessibility issue and privacy of the currency before going into it.
Other issues discussed at the bankers’ committee meeting include launch of digital cards as well as foreign exchange availability in banks.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
Lawmaker seeks establishment of rehabilitation, integration agency for talented offenders
Senator Ned Nwoko (PDP-Delta) says he has proposed a bill before the Senate to establish a National Talent Rehabilitation and Integration Agency.
Economy
We have not received container vessels in 25 years: Calabor Ports
Olumati Festus, the manager of the Calabar Ports, says the port has not received any container vessels in the past 25 years.
States
Okada riders lament petrol price hike, scarcity in Kaduna
Commercial motorcycle and tricycle operators in Kaduna have lamented the petrol price hike and scarcity.
Politics
Mbah inaugurates new members of Enugu electoral commission
Governor Peter Mbah has inaugurated the newly constituted chairman and members of the Enugu State Independent Electoral Commission.
States
Police arraign 44-year-old man for theft, threat to life in Ebonyi
The defendant is standing trial on a four-count charge of conspiracy, assault, stealing and threat to life. He, however, pleaded not guilty.
Agriculture
Great Green Wall seeks meaningful approach to tackling Nigeria’s climate crisis
NAGGW director-general Yusuf Maina-Bukar made the call at a two-day North-West Stakeholders’ Forum in Kano.