Digital Currency To Kick Off Before End of 2021 – CBN

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The Director-Information Technology Department, Central Bank of Nigeria (CBN), Mrs Rakiyat Mohammed, has said that the banking regulator will launch a digital currency before the end of 2021.

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Muhammed disclosed this during a press briefing on the Bankers’ Committee meeting on Thursday.

“As I said before the end of the year, the Central Bank will be making the special announcement and possibly launching a pilot scheme in order to be able to be able to provide this kind of currency to its populace,” she said.

She said about 80 per cent of central banks in the world were exploring the possibility of issuing central bank digital currency and Nigeria could not be left behind.
For over two years now, she added, the CBN had been exploring technology and had made tremendous progress.

Explaining what the Central Bank digital currency would be, she said there were currently two forms of money in the country.
She added, “We have 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.
 
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