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CBN Digital Currency for launch before 2022

The Central Bank of Nigeria (CBN) will be launching its digital currency before 2022, its  Director Information Technology, Rakiya Mohammed has said. 

Speaking Thursday at the end of 306th Bankers’ Committee Meeting, she said the currency will be accessible to all Nigerians.

Muhammed assured that the emergence of the CBN digital currency will operate along side other virtual currencies like crypto currency.

However she cautioned that the CBN does not have control over other virtual or digital  currencies as those transacting with such currencies are doing so strictly on personal basis. According to her,  “nobody stopped them”.

Continuing, she said the CBN digital currency is just as good as having cash in one’s pocket adding that before the end of the year, the CBN will be making announcement on the pilot scheme.

Also speaking, Managing Director, Sterling Bank Plc, Abubakar Suleiman, said the  CBN has provided sufficient foreign currency for the banks to meet the legitimate needs of all Nigerian travelers. Therefore, the idea of going to any other market should not arise at all.

It the CBN has gone further to make foreign currency available to Small and Medium Scale Enterprises (SMEs) for the purpose of doing legitimate business.

“If you have a legitimate business and you need foreign exchange, please all the banks have positioned themselves to meet the needs of businesses. There is no reason to go to other businesses as we are available to serve you,” he said. 

Furthermore, Mohammed said  CBN Digital currency will accelerate Nigeria’s ability to meet the financial inclusion target because regardless of where you are, you can use the CBN digital currency. “Having the CBN Digital Currency that is backed by government is good for the digital economy,” she said.

CBN Director, Banking Supervision, Haruna Mustafa, said the Bankers’ Committee discussed a range of issues. He said there are ongoing plans by the CBN in collaboration with the managing directors of banks to launch domestic cards. 

Group Managing Director, Access Bank Plc, Herbert Wigwe, said the committee also decided that all card schemes  will be registered locally to enhance the efficiency of the payment system. It will also minimize the funds spent by banks in card transactions thereby helping to conserve foreign currencies.

The committee also discussed the need for banks to ensure dollars are available to forex end users . The’ Committee also talked about making forex available to end users for business and personal travel allowances. The Committee said Bureaux De Change (BDCs) will continue to have their weekly allocations, and the banks will have their allocations too. 

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