Digital currency coming, says CBN

The Central Bank of Nigeria (CBN) plans to introduce digital currency before the end of the year, its Director Information Technology, Rakiya Mohammed, said on Thursday.

Speaking at the end of 306th Bankers’ Committee Meeting, she said the currency will be accessible to all Nigerians.

Admitting the risks associated with the proposed digital currency, the director assured that it will operate alongside other virtual currencies like the cryptocurrency.

She, however, cautioned that the CBN lacks control over other virtual or digital currencies as those transacting with such currencies are doing so strictly on personal basis.

The CBN chief said: “Nobody stopped them. The CBN is exploring the possibility of issuing digital currency.

Nigeria cannot be left behind in the drive for digital currency. Over two years now, the CBN has been exploring the technology and made tremendous progress.

“In Nigeria, we have the notes and coins, so the CBN Digital Currency is meant to be a form of fiat money. It is going to complement the coins and notes that we have.”

According to her, the CBN digital currency is just as good as having cash in one’s pocket adding that before the end of the year, the CBN will be making announcement on the pilot scheme.

She said the move will boost financial inclusion and deepen access to financial services.

She said the digital currency will accelerate Nigeria’s ability to meet financial inclusion target because regardless of where you are, you can use the CBN digital currency.

“Having the CBN Digital Currency that is backed by government is good for the digital economy,” she said.

-The Nation

About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

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