×

LOGIN

×

REGISTER

Register as

A deposit of ₦5,000.00 is to be made for an affiliate account.




Godwin-Emefiele2 The Central Bank of Nigeria (CBN) is finalising plans to roll out its own digital currency before the end of the year. This was disclosed by CBN Director, Information Technology, Rukiyat Mohammed, at a virtual media briefing at the end of a Bankers Committee meeting on Thursday. According to him, CBN has been exploring the technology for over two years and has made tremendous progress. She also stated that the digital currency will help make remittances travel easier from abroad to Nigeria. “The digital currency would also accelerate plans to reduce cost of transaction and cash management in the country, and help in a way to regulate the virtual currency space in the country,” she added The CBN director further noted that the apex bank would be exploring various technological options and engaging various industry players, and moving to the next stage of proof of concept to pilot the scheme. “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 CBN has considered the architecture, accessibility issue and privacy of the currency before embarking on the venture.”