Nigerian central bank to unveil digital currency this year

The Central Bank of Nigeria has said it will launch its digital currency before the end of this year.

The Director of Information Technology, CBN, Mrs Rakiya Mohammed, said the decision was a major outcome of the Bankers’ Committee meeting held on Thursday.

“Officials of the CBN have been exploring the digital currency technology for over two years.  There are two types of currency, the notes and coins. The CBN digital currency will be a third type of currency.  It will supplement the cash.  Rather than carry cash about, you have the money in your phone,” she said.

She said the proposed CBN digital currency would improve the inclusion drive, reduce the cost of cash management, and enable innovations in the country’s financial market.

Mohammed said the Central Governance Structure would be established to address all associated risks to ensure that the Nigerians got the best technology for the digital currency, which would be launched before the end of the year.