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CBN to introduce digital currency before year-end

The Central Bank of Nigeria (CBN) has announced a plan to launch its digital currency before the end of this year. The main bank has also stepped up its efforts through an awareness fair to facilitate access to its various intervention funds.

The decision on digital currency was an important result of yesterday’s Bankers Committee meeting, where it also ensured an adequate supply of currency to fulfill all legitimate transactions through Depository Money Banks.

The Chief Bank’s Chief Information Technology Officer, Ms Rakiya Mohammed, along with the Managing Directors of several banks, revealed this through an expanded press conference after the Bankers Committee meeting.

According to her, “CBN officials have been exploring digital currency technology for more than two years. There are two types of currency, banknotes and coins. The CBN digital currency will be a third type of currency. It will supplement the cash. Instead of carrying cash, you have the money on your phone. “

He also explained that the most recent report from EFInA (Improving Financial Access and Innovation) indicated that the nation was at around 60 percent in financial inclusion and that with a goal of 80 percent by the end of the year, action should be taken. raise the nation’s financial inclusion rate.

She argued that the proposed CBN digital currency would enhance the momentum of inclusion and reduce the cost of managing cash, while also enabling innovations in the nation’s financial market.

Mohammed stated: “The digital currency would be accessible to all Nigerians. Just like everyone has access to cash, everyone will have access to the central bank’s digital currency. Let me categorically state that cryptocurrencies like Bitcoin and the rest of them are not under the control of the central bank; they are purely private decisions made by individuals. “

In her comments, Ms Nneka Onyeali-Ikpe, Managing Director of Fidelity Bank, said that CBN assured the bankers committee that it was willing to provide enough foreign exchange for all those in genuine need through the banks.

Access to intervention funds

Meanwhile, the CBN pointed to a two-day fair aimed at facilitating applicants’ access to credit in the federal government intervention funds that floated in the main bank.

The fair theme: “Promoting Financial Stability and Economic Development”, held in Lagos and Abeokuta, was designed as a platform to engage with key stakeholders to explain some of the bank’s policies, interventions and initiatives and get answers from them and evaluate questions and issues raised to refine bank policies or problem interventions.

Speaking at the fair, CBN Governor Godwin Emefiele, represented by CBN’s Corporate Communications Department Deputy Director Osita Nwanisobi, said: “What we want to do with the CBN fair is create a platform to engage with our stakeholders. important to explain some of our policies, our interventions, our initiatives and elicit responses. Go back to the questions, as those questions and issues they will raise will help us refine policies or interventions on problems.

“For us, it is a means of monitoring our policies and a means of evaluating our progress and a means of seeing if what we are doing really impacts the Nigerian public. CBN is participating in some of these interventions due to the failure of the markets. “

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