Central Bank of Nigeria to Release CBDC By 2021 Ending

At the bankers’ committee meeting yesterday, Rakiyat Mohammed, the Director, Information Technology Department, Central Bank of Nigeria (CBN), revealed that the apex bank would launch a Central Bank Digital Currency (CBDC) before the year runs out. The director noted that:

“As I said, before the end of the year, the Central Bank will be making the special announcements and possibly launching a pilot scheme in order to be able to provide this kind of currency to its populace.”

Rakiyat noted that over 80% of central banks worldwide are in different stages of CBDC development, and the CBN cannot get left behind. She also revealed that the bank has explored the appropriate technology and has made significant progress for the past two years.

The director illustrated what a naira-based CBDC would look like, noting that there were currently two forms of money in Nigeria. She explained that:

“We have currency in two forms in Nigeria as of now, there are the notes, and there are the coins. So the Central Bank currency is to be the third form of money which means just as we have electronic money, digital money is not new in Nigeria. Just as we are about the third or fifth in the whole world as far as advancement in the use of digital money is concerned. So this is going to compliment the coins and cash that we have. The Central Bank digital currency will just be as good as you having cash in your pocket, and even as you have the cash in your pocket, you are going to have the cash on your phone.”

Central Bank of Nigeria to Facilitate CBDC Awareness Campaign

The CBN’s CBDC effort would eventually help the bank promote its cashless policy. However, the high illiteracy level in the country could be a stumbling block for the mass adoption of the CBDC in the country.

The central bank has noted that it would carry out awareness campaigns across the country to ensure that the CBDC gets utilized by all classes.

 

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