Nigeria in Race to Launch Digital Currency. Nigeria joins China, Brazil and others in the race to launch its own central bank digital currency CBDC.
The Central Bank of Nigeria CBN its readiness to launch its own CBDC by the end of the year. According to Rakiya Mohammed, an information technology (IT) specialist at the CBN, disclosed that the bank has been exploring the concept of a central bank digital currency CBDC for the last two years and a ‘special announcement’ shall come soon.
“Before the end of the year, the Central Bank will be making special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace,” she said.
She also affirmed that, when the digital Naira (e-Naira) eventually become operational, the currency would complement cash notes.
Nigeria in Race to Launch Digital Currency
The CBN’s digital currency which I name as “e-Naira” will act complementary to Naira cash notes. The apex bank in Nigeria are currently brainstorming the architecture, accessibility and privacy concerns of the CBDC system. The initial roll-out shall be a pilot program, similar to what China’s e-yuan (Digital Yuan).