Nigeria Central Bank Official Announces CBDC


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An official from the Central Bank of Nigeria (CBN) said that Nigeria is likely to have its own central bank digital currency (CBDC) by the end of the year. In his speech after the bankers committee meeting, Rakiya Mohammed, director of information technology at CBN, also revealed that this “digital currency will be accessible to all Nigerians.”

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However, according to a report quoting the IT director, CBN’s digital currency will differ from privately issued cryptocurrencies such as Bitcoin, which a Nigerian senator previously accused of making the naira currency “virtually useless.” Emphasizing the importance of this digital currency initiative, Muhammed said:

“We spent more than two years studying this concept of a central bank digital currency and identified the risks. And that is one of the reasons why I say that as we continue on this journey, we have established a central governance structure that will allow all industry stakeholders to access all risks.”

The director added that “very soon” CBN will make an announcement for the CBDC launch. Meanwhile, Mohammed became the second CBN official to suggest that the digital currency will be launched. In May 2021, CBN President Godwin Emefiele said that the digital currency would “go to life in Nigeria.”