CBN may launch digital currency by end of 2021 – Official

The Central Bank of Nigeria on Thursday said that its digital currency might be launched by the end of 2021.

This was disclosed by an Information Technology Specialist at CBN, Rakiyat Mohammed, during a news briefing at the end of the Bankers Committee meeting held in Lagos.

According to her, CBN has been exploring digital currency technology for over two years and has made tremendous progress.

“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.

Mohammed revealed that the currency will complement cash notes when it eventually becomes operational.

She further revealed the consideration and implementation of digital currency by the CBN is fuelled by the need to make remittances travel easier from abroad to Nigeria.

According to the specialist, digital currency would accelerate the ability to meet the target, regardless of one’s country of residence.

Mohammed also pointed out 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.

This comes after El Salvador approved Bitcoin as a legal tender, making it the first nation to adopt a cryptocurrency for everyday use.

The PUNCH had reported that lawmakers in the Central American nation’s Congress passed a bill late Tuesday that will eventually allow the famously volatile digital currency to be used for many aspects of daily life, from property purchases to tax contributions.