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

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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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