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Home Business News

CBN’s digital currency to begin before 2022

Ajibola AkamobyAjibola Akamo
2 years ago
in Business News, Cryptos, Currencies, Spotlight
CBN’s digital currency

CBN’s digital currency

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The Director, Information Technology Department, Central Bank of Nigeria (CBN), Mrs. Rakiyat Mohammed, stated at the banker’s committee meeting yesterday, that the CBN will be launching a Central Bank Digital Currency (CBDC) before the end of 2021.

She stated, “As I said, 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 its populace.”

The director made mention of the fact that about 80% of central banks in the world are looking into the possibility of issuing a central bank digital currency and Nigeria cannot be left behind. She also mentioned that the CBN had been exploring technology and had made tremendous progress for 2 years, so far.

READ: Central Bank Digital Currency: Is ‘NIGCOIN’ possible?

The director explained what Nigeria’s digital currency would look like, stating that there were currently two forms of money in the country. She stated, “We have currency 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. Just as we are about the third or fifth in the whole world as far as advancement in the use of digital money is concerned. So this is going to compliment the coins and cash that we have. The Central Bank digital currency will just be as good as you having cash in your pocket and even as you have the cash in your pocket, you are going to have the cash on your phone.”

The director mentioned that the apex bank was looking at different use cases such as remittances. On the topic, she said, “We all know how money has to travel for someone to send money from Nigeria to abroad and it is huge money in Africa. We also know that a recent report by EfiNA was that our target was to achieve 80% financial inclusion. We are about 60 percent and at the rate at which we are going, we are not going to meet this target. Central Bank digital currency will accelerate our ability to meet this target.”

READ: Chinese government set to launch Digital Yuan lottery as part of digital currency trial

Implications of a Nigerian Digital Currency

The CBN looking into creating a digital currency will help promote the cashless policy of the apex bank, although the high illiteracy level of the nation could pose a hindrance to the mass adoption of CBDC in the country. The apex bank should also be ready to undergo awareness programs to ensure that the CBDC can function for all classes of Nigerians.

Related

Tags: CBDCCentral Bank of Nigeria

Comments 19

  1. Yahaya ori says:
    June 11, 2021 at 8:55 am

    We’re happy to spen naira in our country,
    Good news

    Reply
  2. Anthony A says:
    June 11, 2021 at 8:57 am

    What implications does this have in the cryptocurrency market?

    Reply
    • Ebetomame Morrison Obruche says:
      June 11, 2021 at 4:20 pm

      How come this new technology of CBN creating a digital currency doesn’t mentioned it’s implications and important that have something unique to do in crytpocurrencies market?

      Reply
    • Anonymous says:
      June 11, 2021 at 9:15 pm

      Bro that’s my concern too..I think it might be posing a degrade on crypto in Nigeria

      Reply
    • Adenipekun Ebenezer says:
      July 27, 2021 at 3:21 pm

      Top of the day to you.
      I would like to know how we will register for digital naira and as well store our dividends before the lunch date.
      Thank you

      Reply
  3. Mathias Yakubu Haruna says:
    June 11, 2021 at 11:21 am

    it’s a good idea for the country.

    Reply
  4. Anonymous says:
    June 11, 2021 at 4:12 pm

    Observation:
    We have existing coins in Nigeria. CBN can equally name it KOBO. (NGK)

    Reply
  5. Kampala Pender says:
    June 11, 2021 at 7:26 pm

    Why not work on the process to regulate and adopt bitcoin that is already in existence instead of spending so much in the name of I want to create my own? my opinion though.

    Reply
    • DanNaija says:
      June 12, 2021 at 4:49 pm

      It can’t work like this, nobody control BTC and a responsible government won’t allow that

      Reply
  6. David Zakka says:
    June 12, 2021 at 12:50 am

    I see the initiative as a welcome development, but how can address the falling and offer us a good exchange rate?

    Reply
  7. Imon says:
    June 12, 2021 at 9:35 am

    Nothing will ever make me use this rubbish

    Reply
  8. Imon says:
    June 12, 2021 at 9:42 am

    The naira has already lost it’ value. What difference would the Nigerian digital currency make in the cripto competitive market?

    Reply
  9. Moses OVEH says:
    June 13, 2021 at 11:55 am

    This is good to hear.

    Reply
  10. Idowu Julius says:
    June 18, 2021 at 2:26 pm

    Why should the CBN or the Govt initially sceptical about crypto currency and now embracing it? The CBN is being hypocritical because pincoin and Bitcoin are gaining ground.Anyway, whichever , let Nigerians be on the look out if it will not be only for the rich few.

    Reply
  11. Aremu Gabriel says:
    June 24, 2021 at 8:06 am

    Pinkoin is the best way to go if Nigeria really need cbdc go and lean from UDI stop fighting him he is the one open world eyes
    The man is ready for Nigeria but our government did not want to set the citizens free our freedom is their pain .

    Anywhere let see how your digital currency will works if not for only rich people

    Reply
  12. Anonymous says:
    July 3, 2021 at 9:35 am

    If I our economy is strong, the naira will be strong, i.e Nigeria government should provide job and a good company.

    Reply
  13. Anonymous says:
    July 22, 2021 at 9:21 pm

    lol, so they want to release a digital coin but banned banks from dealing with cryptocurrency. Hilarious!

    Reply
  14. Anonymous says:
    July 28, 2021 at 7:57 pm

    Is it not ironical dat d cbn is accepting what they vehemently rejected?What is digital currency & cryptocurrency?They are like d provabial “dog eating its excreta?Its absolutely laughable.

    Reply
  15. Anonymous says:
    July 28, 2021 at 8:00 pm

    Is it not ironical dat d cbn is accepting what they vehemently rejected?What is digital currency & cryptocurrency?They are like d provabial “dog eating its excreta?Its absolutely laughable.

    Reply

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