The Central Bank of Nigeria (CBN) has announced plan to launch a digital currency for the country before the end of this year.
The decision on digital currency was a major outcome of Thursday’s Bankers’ Committee Meeting, where it also assured of adequate foreign exchange supply to meet all legitimate transactions through Deposit Money Banks.
Director of Information Technology, CBN, Mrs. Rakiya Mohammed, along with several banks’ Managing Directors disclosed this via a zoom press briefing after the Bankers’ Committee meeting.
According to her, “officials of CBN have been exploring the digital currency technology for over two years. There are two types of currency, the notes and coins. The CBN digital currency will be a third type of currency. It will supplement the cash. Rather than carry cash about, you have the money in your phone.”
She argued that the proposed CBN digital currency would enhance the inclusion drive and reduce the cost of cash management, while enabling innovations in the nation’s financial market.
Mohammed stated: “The digital currency would be accessible to all Nigerians. Just like everybody has access to cash, everybody will have access to the central bank’s digital currency. Let me state categorically that cryptocurrency such as Bitcoin and the rest of them are not under the control of the central bank; they are purely private decisions that individuals make.”