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CBN to introduce digital currency before end of 2021

The Central Bank of Nigeria (CBN) has announced plans to introduce its digital currency before end of this year.

The decision on digital currency was made at a Bankers’ Committee Meeting on Thursday.

The apex bank also assured of adequate foreign exchange supply to meet all legitimate transactions through Deposit Money Banks.

The CBN Director of Information Technology, Rakiya Mohammed, along with several banks’ Managing Directors disclosed this via a zoom press briefing after the Bankers’ Committee meeting.

Rakiya said, “officials of 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.

“The digital currency would be accessible to all Nigerians. Just like everybody has access to cash, everybody will have access to the central bank’s digital currency. Let me state categorically that cryptocurrency such as Bitcoin and the rest of them are not under the control of the central bank; they are purely private decisions that individuals make.”

The Managing Director of Fidelity Bank, Nneka Onyeali-Ikpe  said that CBN assured the bankers’ committee of its readiness to provide sufficient foreign exchange for all those who had genuine need through the banks.