CBN To Introduce Digital Currency In Nigeria

The Central Bank of Nigeria (CBN) will set to introduce digital currency in the country before the end of the year 2021.

The Director of Information Technology Department of the CBN, Rakiya Mohammed made this disclosure on Thursday.

Rakiya said the currency would be made available to all Nigerians while delivering a speech at the end of the 306th Bankers’ Committee Meeting in Lagos.

Mixed reactions were evoked from Nigerians on the creation of Oduduwa Republic, Fadaka Currency.

She said:

“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.

“The CBN is exploring the possibility of issuing digital currency.

“In Nigeria, we’ve the notes and coins, so the CBN Digital Currency is meant to be a form of fiat money. It’s going to complement the coins and notes that we have.

“Having the CBN Digital Currency that’s backed by the government is good for the digital economy.”

The head of CBN added that the directive would increase financial inclusion and increase access in Nigeria to financial services.

In recent news, the Central Bank of Nigeria (CBN) warned Nigerians to stop mutilating, defacing, squeezing, and especially spraying and selling the naira notes.

The apex bank condemned the high rate at which Nigerians treat their currency.

According to CBN the “abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both.”

Source; Newzandar

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