The Central Bank of Nigeria Information Technology specialist Rakiyat Mohammed has officially disclosed that Nigeria might lunched the use of digital currency before the end of 2021.
This was disclosed during a briefing at the end of the Bankers Committee meeting held in Lagos.
According to her 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.”
Mohammed revealed that the currency will complement cash notes when it eventually becomes operational.
She further revealed the consideration and implementation of digital currency by the CBN is fuelled by the need to make remittances travel easier from abroad to Nigeria.
According to the specialist, digital currency would accelerate the ability to meet the target, regardless of one’s country of residence.
Mohammed also pointed out that CBN would be exploring various technological options and engaging various industry players as well as moving to the next stage of proof of concept to pilot the scheme.
This comes after El Salvador approved Bitcoin as a legal tender, making it the first nation to adopt a cryptocurrency for everyday use.
The lawmakers in the Central American nation’s Congress passed a bill late Tuesday that will eventually allow the famously volatile digital currency to be used for many aspects of daily life, from property purchases to tax contributions.
(NAN)
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