Sunday, April 21, 2024

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)

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

Katsina State

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.”

Ukrainian President Volodymyr Zelensky

World

Zelensky thanks U.S. House of Reps over approval of $61 billion military aid for Ukraine

After months of obstruction, the U.S. House of Representatives had approved a nearly $61 billion aid package for Ukraine.

Heroin used to tell the story

World

Large quantity of heroin found in mattresses from Iran

The drugs, worth the equivalent of €8.5 million ($9.06 million) and destined for an EU country, were hidden in mattresses.

Cubana Chief Priest

Showbiz

Cubana Chief Priest transfers cash to Abuja wedding hype man as naira mutilation charges grip Nigerian socialites

Cubana’s Chief Priest’s choice of transferring instead of spraying the naira notes comes days after he was arraigned on three count charges by the EFCC.

Martin Odegaard

Sport

Arsenal back at EPL table summit with 2-0 away win over Wolves 

With 74 points now, Arsenal will be at the summit of the league table unless Liverpool beat Fulham by more than 10 goals or if Manchester City win fixture against Brighton.

Chief of Defence Staff (CDS), General Christopher Musa [Photo Shettima]

Africa

CDS Musa commiserates with Kenya over death of defence chief

The CDS urged Kenyans to be consoled by the good name and great memories of the defence chief’s impactful and meritorious service to the nation.

Usman Ododo

Hot news Home top

Ondo APC Primary: Despite condemnation by guber aspirants, Ododo says process transparent

Mr Ododo stressed that the committee was well guided by the APC guidelines for nominating candidates for general elections and relevant provisions of the Electoral Act 2022.