According to reports in the Nigerian Press, the Central Bank of Nigeria plans to launch a pilot for a central bank digital currency (CBDC) this year, according to Rakiya Mohammed, the Bank’s IT Director.
“The plan to launch a digital currency is for Nigeria to join the league of other nations like China. It is going to help us accentuate the financial inclusion strategy that we are behind schedule at only 60 percent. It is going to simplify payments, as well as reduce the cost of international payments,” said Mohammed.
She continued, “It will also reduce the cost of cash management. Anyone with a phone can do transactions seamlessly. The pilot is to be launched before the end of the year. We will announce the programme in due course.”
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
