CBN set to launch digital currency

Mrs Rakiya Mohammed, a CBN Information Technology Specialist, made the announcement at the conclusion of the Bankers Committee meeting at an online news briefing.

According to her, the apex bank has been researching the technology for over two years and has made significant progress.

“By the end of the year, the Central Bank will make a special announcement and maybe launch a pilot plan to being able to distribute this type of cash to the general public,” she said.

When the currency is fully operating, Mohammed says it would be a complement to cash notes.

Another reason the apex bank aims to introduce a digital currency, according to Muhammed, is to make remittances from overseas to Nigeria easier.

She claimed that digital currency would help people reach their goals faster, regardless of where they live.

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CBN will also be studying other technology possibilities and engaging various industry stakeholders, according to the expert, before going to the next step of the proof of concept to pilot the program.

Before entering the market, the CBN studied the currency’s architecture, accessibility issues, and privacy concerns, according to Mohammed.

Other topics discussed at the bankers’ committee meeting, according to the Nigerian News Agency (NAN), include the launch of digital cards and the availability of foreign exchange in banks.

Mr Herbert Wigwe, Group managing director Bank’s chief executive of Access bank plc was present for the briefing.

Mr. Patrick Akinwuntan, Ecobank Nigeria’s Managing Director/CEO.

Mr. Abubakar Suleiman, Managing Director/CEO, Sterling Bank Plc; Mr. Haruna Mustafa, Director, Banking Supervision, CBN; and Mr. Osita Nwanisobi, Acting Director, Corporate Communication Department, CBN are among the others.

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