Sunday, June 20, 2021

CBN to launch own digital currency by year end: Official

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.

• June 10, 2021

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)

More from Peoples Gazette

Showbiz

My music not for Grammy Awards but social change: Femi Kuti

Femi Kuti said as a musician, his fulfilment will be in a prosperous Nigeria and Africa, adding that no award will bring such satisfaction.

NDLEA

NationWide

NDLEA officer, six others arrested for drug dealing

The officer used his wife’s shop as his sales point.

NDLEA chairman Buba Marwa

NationWide

Job seekers, intending couples must undergo drug test: NDLEA

“Be reminded ladies and gentlemen, that, President Muhammadu Buhari is resolute in his new thrust to purge urge the country of illicit drugs.”

Education

ASUU accuses Accountant-General of withholding members’ pay, threatens to resume strike

“The union has gotten to a stage where it may be forced to take drastic measures to save the lives and families of its members.”

JAMB

Education

UTME 2021: JAMB delists 25 CBT centres over poor performance

JAMB said the delisted centres failed during the conduct of the 2021 UTME.