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CBN to introduce digital currency in Nigeria




The Central Financial institution of Nigeria (CBN) has revealed plans to introduce digital foreign money earlier than the tip of 2021.


Rakiya Mohammed, Director, Info Expertise Division of the CBN, disclosed this on Thursday.

Talking on the finish of the 306th Bankers’ Committee Assembly in Lagos, Mohammed mentioned the foreign money can be accessible to all Nigerians.

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She mentioned: “Earlier than the tip of the yr, the Central Financial institution shall be making a particular announcement and presumably launching a pilot scheme so as to have the ability to present this sort of foreign money to the populace.

“The CBN is exploring the opportunity of issuing digital foreign money.

“In Nigeria, we’ve the notes and cash, so the CBN Digital Forex is supposed to be a type of fiat cash. It’s going to enhance the cash and notes that we have now.

“Having the CBN Digital Forex that’s backed by the federal government is nice for the digital economic system.”

The CBN chief added that the transfer would enhance monetary inclusion and deepen entry to monetary companies in Nigeria.

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