Nigeria set to roll out its CBDC before 2021 runs out

Africa’s most populous country, Nigeria is planning to launch its own Central Bank Digital Currency (CBDC) before the end of the year despite the restrictions imposed on crypto transactions by the Government. 

An IT specialist, Rakiya Mohammed, made this known at the recent Bankers Committee meeting in Lagos.

According to Ms Mohammed, the Central Bank of Nigeria has successfully studied the digital currency space for a while. 

 “Before the end of the year, the Central Bank will be making a special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace,” she explained.

The digital currency is expected to complement the Naira (Nigeria’s currency).

Next: American custodian Bank, State Street creates Digital Finance Division 

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Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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