At last, CBN succumbs, plans to rollout Digital Currency Oct. 1
After its initial denials and bans on digital currency trading and operations in the country, the Central Bank of Nigeria (CBN) Thursday disclosed that its much-anticipated digital currency will be launched on October 1.
CBN Director, IT Department, Mrs. Rakiya Mohammed, revealed this during a private webinar, explaining that the banking sector regulator had been conducting research towards the launch of digital currencies since 2017. She added that the central bank may conduct a proof of concept before the end of the year. The move to adopt the electronic currency was first disclosed by the CBN Governor, Mr. Godwin Emefiele, during the Monetary Policy Committee (MPC) in May. He had said a digital currency will soon become a reality in the country, adding that the central bank had already set up its committee which was working on the concept. The CBN governor had further restated the determination of the apex bank to drive the e-Naira project during the recent 306th Banker’s Committee meeting, pointing out that the process was ongoing. Mohammed was quoted by Nairametrics to have highlighted the benefits of the digital currency, saying it would enhance macroeconomic management, boost economic growth, facilitate cross border trade, boost financial inclusion and monetary policy effectiveness. Mohammed said the digital payment instrument would further improve payment efficiency, revenue tax collection, remittance improvement, and targeted social intervention.