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Cryptocurrency

Nigeria's central bank plans CBDC pilot launch before the end of 2021

June 11, 2021. Summarized by summa-bot.

Compression ratio: 45.1%. 1 min read.

The Central Bank of Nigeria's digital currency will act complementary to naira cash notes.

Rakiya Mohammed, an IT specialist at the Central Bank of Nigeria (CBN) has announced that the apex bank is making efforts to float a central bank digital currency in the country.

“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. ”

Back in May, CBN governor Godwin Emefiele had stated that digital currencies will “come to life” in Nigeria despite the current ban.

Indeed, Nigeria’s central bank banned commercial banks and other financial institutions from servicing crypto exchanges in February citing debunked claims of cryptocurrencies being primarily used for illicit transactions.

Related: Crypto will 'come to life' in Nigeria, central bank governor says

Mohammed revealed that the CBN has been exploring the possibility of a central bank digital currency for about two years.

by summa-bot

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