By Nneka Nwogwugwu
The Central Bank of Nigeria (CBN) has announced that the bank is almost completing all necessary steps to launch digital currency before the end of the year.
Director, Information Technology Department, Rakiy Mohammed, said this on Thursday while briefing the press with managing directors of Access Bank, Herbert Wigwe; Fidelity Bank, Nneka Onyeali-Ikpe; Sterling Bank, Abubakar Sulaiman, and Akinwuntan of Ecobank at the end of a virtual meeting of Bankers’ Committee.
She said as quoted by Daily Independent, “The CBN, like other central bankers across the world, is about completing the process of launching a digital currency. You are all aware that about 80 percent of central banks in the world are exploring the possibility of issuing central bank digital currency and Nigeria’s CBN cannot be left behind. So, I am happy to announce that for over two years we have been exploring this technology and we have made tremendous progress.
“You are aware that we have two forms of fiat money in Nigeria. They are the notes and the coins and the third one is digital currency. Digital currency is not new in Nigeria and we are the third or sixth in the advancement of digital money in the world. This complements the cash and the coins that we have. The central bank digital currency will just be as good as having cash in your pocket.
“You are going to have the cash on your phone. Before the end of the year, the CBN will launch the pilot scheme.”
