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CBN to introduce digital currency in Nigeria before the end of 2021

THE management of the Central Bank of Nigeria (CBN) has revealed plans to introduce a digital currency, which will be equivalent to the Naira before the end of 2021.

The announcement was made on Thursday, 10th of June, 2021 by the institution’s Director of Information Technology Department, Mrs Rakiya Mohammed.

While speaking at the end of the 306th Bankers’ Committee Meeting in Lagos, Mohammed 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 digital currency to the populace.

"In Nigeria, we have 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 already have”.

She went on to say that the currency would be accessible to all Nigerians and it will serve as a medium of financial inclusion and easy access to financial services in Nigeria.