Nigeria To Launch Its Own Cryptocurrency This Year – CBN

Nigeria To Launch Its Own Cryptocurrency This Year - CBN 5

Rukiyat Mohammed, the Director for Information Technology at the Central Bank of Nigeria (CBN) has stated that Nigeria will officially have its own digital currency this year.

Mohammed stated that the financial regulator had been conducting extensive research on the cryptocurrency market in a bid to provide the country’s digital coin.

She said the same way everybody has access to cash, the digital asset will also be available to everyone once the Central bank roll it out by the end of the year. What the central bank is saying This was made known during the Bankers Committee meeting on Thursday, where she informed the public that stakeholders in the cryptocurrency market will be included into the central governance structure.

Despite the risk involved in the virtual currency, which has often been Emefiele’s cause for concern, the CBN is now willing to bet on the digital asset, according to Mohammed: “We have spent over two years studying this concept of central bank’s 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.

“Very soon we would make an announcement on the date for the launch and by the end of the year we should have the digital currency.”

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