It appears the proposed digital currency by the Central Bank of Nigeria will soon become a reality as the pilot scheme is likely to be launched in October 1st , 2021. The Central Bank of Nigeria with its stakeholders recently outlined its digital currency initiative via a webinar.
Recall that Mr Godwin Emefiele, CBN Governor, had earlier announced that the bank will be working on a central bank digital currency during the 306th Banker’s Committee meeting.
According to Rakiya Mohammed, Director IT department, the apex bank had been conducting research in regards to central bank digital currencies since 2017 and may conduct a proof of concept before the end of this year.