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CBN to introduce digital currency before December

Felix Oloyede

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CBN to introduce digital currency before December

Despite banning cryptocurrencies in the country, the Central Bank of Nigeria (CBN) has concluded plans to launch a digital currency before the end of this year.

Rakiya Mohammed, Director, Information Technology, CBN, disclosed this during a virtual media briefing at the end of a virtual Bankers Committee meeting held on Thursday.

“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.

“We have spent over two years studying this concept of central bank’s digital currency and we have identified the risks. And it is one of the reasons why I said we are setting up a central governance structure that would involve all industry stakeholders to access all the risks as we continue on this journey.

“Very soon we would make an announcement on the date for the launch and by the end of the year we should have the digital currency,” Mohammed stated.

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