Nigeria's central bank plans CBDC pilot launch before the end of 2021

Nigeria's central bank plans CBDC pilot launch before the end of 2021


Rakiya Mohammed, an IT specialist at the Central Bank of Nigeria (CBN) has announced that the apex bank is making efforts to float a central bank digital currency in the country.

According to a report by People’s Gazette, Mohammed made this known after the Bankers Committee meeting held in Abuja on Thursday, telling reporters:

“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.”

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Back in May, CBN governor Godwin Emefiele had stated that digital currencies will “come to life” in Nigeria despite the current ban.

Indeed, Nigeria’s central bank banned commercial banks and other financial institutions from servicing crypto exchanges in February citing debunked claims of cryptocurrencies being primarily used for illicit transactions.

According to Mohammed, the CBN’s digital currency will act complementary to naira cash notes. The IT specialist also said that the planned digital currency will

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