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Central Bank of Nigeria To Unveil Digital Currency Before December

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The Central Bank of Nigeria (CBN) has revealed its plan on launching a digital currency, this was disclosed by the Director of the Information Technology Department, Rakiyat Mohammed at the end of the 306th Bankers' Committee meeting.

The Director noted the fact that about 80% of central banks in the world are looking into the possibility of issuing a Central Bank Digital Currency (CBDC) and Nigeria cannot be left behind hence the lunching of (CBDC) before the end of this year 2021 to enable the promotion of the cashless policy of the apex bank

She stated, “As I said, 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 its populace.”

“We have currency 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. So this is going to compliment the coins and cash that we have. The Central Bank digital currency will just be as good as you having cash in your pocket and even as you have the cash in your pocket, you are going to have the cash on your phone.”

“We all know how money has to travel for someone to send money from Nigeria to abroad and it is huge money in Africa. We also know that a recent report by EfiNA was that our target was to achieve 80% financial inclusion. We are about 60 percent and at the rate at which we are going, we are not going to meet this target. Central Bank digital currency will accelerate our ability to meet this target.”