The Director-Information Technology Department, Central Bank of Nigeria, Rakiyat Mohammed has revealed that the banking regulator will launch a digital currency before the end of 2021.

Muhammed revealed the development during a press briefing on the Bankers’ Committee meeting.

She said, “As I said 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 be able to provide this kind of currency to its populace.”

She stated that over 80 per cent of central banks in the world explored the use of central bank digital currency, as such; Nigeria could not be left behind.

Muhammed said, “We have in two forms in Nigeria as of now, there are the notes and there are the coins.

“So the Central Bank currency is to be the third form of money which means just as we have electronic money, digital money is not new in Nigeria.

“Just as we are about the third or fifth in the whole world as far as advancement in the use of digital money is concerned.

“So this is going to compliment the coins and cash that we have.

“The Central Bank digital currency will just be as good as you having cash in your pocket and even as you have the cash in your pocket, you are going to have the cash on your phone.”

The director revealed that the Central Bank was looking at different use cases such as remittances.

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