Cryptocurrency: CBN set to introduce its digital currency before year end 

The Central Bank of Nigeria (CBN) has revealed plan to unveil its digital currency before the end of year 2021.

The Apex bank made this awareness  through Director of Information Technology of the bank, Mrs. Rakiya Mohammed, along with several banks’ Managing Directors while in a zoom press briefing after the Bankers’ Committee meeting.

In her statement she said, The decision on digital currency was a major outcome of yesterday’s Bankers’ Committee Meeting, where it also assured of adequate foreign exchange supply to meet all legitimate transactions through Deposit Money Banks.

“officials of CBN have been exploring the digital currency technology for over two years. There are two types of currency, the notes and coins. The CBN digital currency will be a third type of currency. It will supplement the cash. Rather than carry cash about, you have the money in your phone”. She said

“The digital currency would be accessible to all Nigerians. Just like everybody has access to cash, everybody will have access to the central bank’s digital currency. Let me state categorically that cryptocurrency such as Bitcoin and the rest of them are not under the control of the central bank; they are purely private decisions that individuals make.” she added

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