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CBN Reveals Plan To Launch Digital Currency In 2021

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The Central Bank of Nigeria (CBN) on Thursday reveals its plan to launch digital currency in 2021 after it placed a ban on cryptocurrencies trading activities earlier in the year.

The monetary policy authority hinted about the move at the Bankers Committee meeting conducted via a virtual appearance.

An Information Technology Specialist with CBN, Mrs. Rakiya Mohammed disclosed the plan at an online news briefing at the end of the committee meeting, saying that the digital currency might be launched by the end of the year.

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

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

According to Muhammed, another reason the apex bank plans to come up with digital currency is to make remittances travel easier from abroad to Nigeria.

She said that digital currency would accelerate the ability to meet the target, regardless of one’s country of residence.

The specialist also said that CBN would be exploring various technological options and engaging various industry players as well as moving to the next stage of proof of concept to pilot the scheme. Mohammed said that CBN considered the architecture, accessibility issue and privacy of the currency before going into it.

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