Digital currency to be launched end of 2021, CBN official hints

Factual Pursuit of Truth for Progress


The digital currency of the Central Bank of Nigeria (CBN) might be launched by the end of 2021.

This was according to an Information Technology Specialist at CBN, Rakiyat Mohammed, during a news briefing at the end of the Bankers Committee meeting held in Lagos on Thursday.

Mohammed said the CBN has been exploring digital currency technology for over two years and has made tremendous progress.

“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,” she said.

Mohammed revealed that the currency will complement cash notes when it eventually becomes operational.

She further revealed that the consideration and implementation of digital currency by the CBN is fuelled by the need to make remittances travel easier from abroad to Nigeria.


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