CBN will launch the much-awaited digital currency as the bank is almost completing all necessary steps

The Central Bank of Nigeria (CBN) said it will launch the much-awaited digital money as the bank is almost completing all necessary steps to be taken and before the close of the year the electronic currency will be accessible to Nigerians.

She said, The CBN, such as other central bankers throughout the world, is about finishing the process of launching an electronic currency. You are aware that about 80 percent of central banks in the world are investigating the possibility of issuing central bank digital money along with Nigeria’s CBN cannot be left behind. So, I am happy to announce that for more than years we have been exploring this technology and we’ve made enormous progress.

“You understand that we have two kinds of fiat money in Nigeria. They’re the notes and the coins and the next one is electronic currency. Digital money isn’t new in Nigeria and we are the sixth at the advancement of electronic currency in the world. This complements the cash as well as the coins that we have. The central bank electronic currency will only be as great as having cash in your pocket.

“You will have the cash on your mobile phone. Prior to the conclusion of the year, the CBN will launch the pilot strategy.

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“We are at about 60 percent in financial inclusion and at the rate, we’re going we might not be able to achieve the 80 percent addition target for this year but with electronic currency, it is going to accelerate the capability to meet the target.

“It will enable innovation in payment system services. We are about to proceed to the state of a proof of concept. We will involve the banks in the implementation of this noble thought.

“When started, the digital money will be accessible to everybody just the way the currency is accessible to everyone now”.

Mohammed said the CBN will be making a statement on this quite soon.

While responding to questions, Managing Director, Access Bank, Herbert Wigwe, said the CBN has assured it will keep faith with the currency allocation to banks and banks are now ready to react to real requirements for forex for BTA, PTA and other real orders by operators of small, medium enterprises for the importation of raw materials and equipment.

He explained, “All banks are invited to aid SMEs who request forex for importation of gear, in addition, to respond to requests for fundamental travelling allowance (BTA).”

Sterling Bank’s Managing Director, Abubakar Sulaiman, said, “CBN has supplied adequate forex to meet the legitimate requirement of all travellers. And thus the idea of going to some other market does not appear in any way. To all business owners, if you’ve got a company and you have a valid need, please all the banks are set to provide the forex”.