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We Have Been Studying the CBDC Concept and Will Involve Industry Stakeholders Soon, Says the Central Bank of Nigeria

The Central Bank of Nigeria (CBN) has reportedly said that it has been studying and looking at a central bank digital currency (CBDC) for the last 2 years.

According to Gazette NGR, a local daily, the statement was made by the central bank’s IT Director, Mohammed, confirming a statement by the Governor just a few weeks ago along the same lines.

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Mohammed is quoted as saying:

“We have spent over two years studying this concept of the central bank digital currency and we have identified the risks. And it is one of the reasons why I said we are setting up a central governance structure that would involve all industry stakeholders to access all the risks as we continue on this journey.”           

                      – IT Director, Central Bank of Nigeria

The above statement seems to support a recent comment by the CBN Governor, Godwin, when he assured the public that ‘digital currencies will come alive in Nigeria.’

According to Mohammed, there will be a full statement in regards to the Nigerian CBDC launch. However, it is expected that the e-Naira CBDC will compliment Naira cash notes and will help lessen forex restrictions in the country. 

This new revelation comes just 4 months since the CBN banned all financial and deposit-taking insitutions from dealing with cryptocurrencies in Nigeria resulting in crypto exchanges getting cut off from the traditional banking system.

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RECOMMENDED READING: The South African Reserve Bank Commences Feasibility Study for a General-Purpose Central Bank Digital Currency

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