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CBN Set To Launch Digital Currency

by Nwani Chisom
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Oyogist has learned that the Central Bank of Nigeria (CBN) has initiated plans to launch its first ever digital currency as all necessary are being taken towards the completion of the project.

The director, Information Tech nology Department, Rakiy Mohammed, disclosed in a briefing with the press.

She said,

“The CBN, like other central bankers across the world, is about complet ing the process of launch ing a digital currency. You are all aware that about 80 percent of central banks in the world are exploring the possibility of issuing central bank digital currency, and Nigeria’s CBN cannot be left behind. So, I am hap py to announce that for over two years we have been ex ploring this technology and we have made tremendous progress.

“You are aware that we have two forms of fiat mon ey in Nigeria. They are the notes and the coins and the third one is digital currency. Digital currency is not new in Nigeria and we are the third or sixth in the advance ment of digital money in the world. This complements the cash and the coins that we have. The central bank dig ital currency will just be as good as having cash in your pocket.

“You are going to have the cash on your phone. Before the end of the year, the CBN will launch the pilot scheme.”We are at about 60 per cent in financial inclusion and at the rate we are go ing we may not be able to achieve the 80 percent inclu sion target for this year but with digital currency, it will accelerate the ability to meet the target.

“It will enable innovation in payment system services. We are about to move to the state of a proof of concept. We will involve the banks in the execution of this noble idea.”When launched, the dig ital currency will be accessi ble to everybody just the way the local currency is accessi ble to everyone today”.

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