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CBN to launch digital currency before year-end

The Central Bank of Nigeria (CBN) on Thursday said it will before the end of the year launch its digital currency, after two years of exploring the possibility of issuing the same.

Rakiya Mohammed, information technology at the CBN disclosed this on Thursday after the bankers committee meeting held via zoom.

The digital currency she said would help the country to achieve the 80 percent financial inclusion target, which it missed in 2020.

When launched, the digital currency will be accessible to everybody just the way the local currency is accessible to everyone today, she said.

Read Also: Experts laud CBN financial discipline in power sector, decry poor service

Mohammed said the CBN will be making an announcement on this very soon.

Other issues discussed at the bankers’ committee include the launch of digital cards, as well as foreign exchange availability in banks.

The banks Chief executives who briefed the media on the outcome of the bankers’ committee include, Herbart Wigwe, group managing director/CEO, Access Bank Plc, Patrick Akinwuntan, managing director/CEO, Ecobank Nigeria, Nneka Onyeali-Ikpe, managing director/CEO, Fidelity Bank, Abubakar Suleiman, managing director/CEO, Sterling Bank Plc, Haruna Mustafa, director, banking supervision, CBN and Osita Nwalisobi, acting director, corporate communication department, CBN.

Details later…

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