CBN Set To Launch Its own Digital Currency On Independence Day


The Central Bank of Nigeria has revealed its plans to launch its own digital currency on Independence day.

According to reports, CBN’s IT Director, Rakiya Mohammed at the conclusion of the 306th Banker’s Committee meeting, revealed that the apex bank has been conducting research in regards to digital currencies since 2017 and may conduct a proof of concept before the end of this year.

The Apex bank further revealed the importance of eNaira includes Macro management and growth, cross border trade facilitation, financial inclusion, monetary policy effectiveness, improved payment efficiency, revenue tax collection, remittance improvement, and targeted social intervention.

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