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Nigeria Will Have Its Own Digital Currency “Before End of Year”

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“(We) have spent over two years studying this concept of the central bank digital currency, and we have identified the risks. (And it is) one of the reasons why I said we are setting up a central governance structure that would involve all industry stakeholders to access all the risks as we continue on this journey.” 

Central Bank of Nigeria, Director of Information TechnologyRakiya Mohammed, stated in the report published last Tuesday.

Nigeria is likely to have its own central bank digital currency (CBDC) by the end of the year, an official with the Central Bank of Nigeria (CBN) has said.

Following his remarks and the most recent committee meeting, Rakiya Mohammed also revealed that the proposed new CBDC would be accessible to all Nigerians.

The Proposed Nigerian Central Bank Digital Currency

The proposed digital currency of the CBN will be unlike privately issued cryptocurrencies such as Bitcoin (BTC), which a Nigerian senator has previously blamed for making the naira, the Nigerian native currency, rendered useless due to devaluation.

Perhaps to remain purposely vague, the director added that the CBN plans to announce the date for the CBDC launch “very soon”.

With these latest comments, Mohammed becomes the second CBN official to suggest that a CBDC roll-out might be in the works behind closed doors. In May 2021, CBN governor Godwin Emefiele claimed cryptocurrency would soon come to life in Nigeria.

Incidentally, Mohammed and former director Emefiele would each make their digital currency comments, merely a few months after the CBN ordered banks to stop extending their services to cryptocurrency entities.

As stated earlier, Nigerian officials blamed cryptocurrency exchanges and start-ups for fueling foreign currency shortages alongside the countries native currency and its depreciation, so this comes as no real surprise.

In the meantime, with only six months left before the year ends, it remains to be seen if the digital currency promises will ultimately come to fruition.

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