“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.”
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.