The Central Bank of Nigeria (CBN) says it will launch its own digital currency before the end of 2021 to make remittances travel easier from abroad to Nigeria.
The digital currency would also accelerate the ability to meet the
target, regardless of one’s country of residence, the apex bank said.
Addressing journalists at the end of the virtual bankers’ committee meeting on Thursday, CBN director of information technology, Rakiya Mohammed, said the bank has been exploring digital currency technology for more than two years and a lot of progress had already been made.
“Before the end of the year, the Central Bank will be making a special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace,” she said.
The News Agency of Nigeria (NAN) quoted the director as saying that the apex bank would be exploring various technological options and engaging various industry players, and moving to the next stage of proof of concept to pilot the scheme.
Mohammed said the CBN considered the architecture, accessibility issue and privacy of the currency before embarking on the venture.
Recall that in February 2021, the CBN issued a directive to banks to close accounts of persons or entities involved in cryptocurrency transactions and warned that cryptocurrencies pose the risk of loss of investments, money laundering, terrorism financing, illicit fund flows and other criminal activities.
