Central Bank of Nigeria Set to Launch Cryptocurrency Soon.

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As pet a report by Economic-Analysis Outlet Nairametrics, there’s an indication that the Central Bank of Nigeria (CBN) will launch the startup system of its digital currency on October 1.

According to the report, the disclosure was made on Thursday, July 22, during a private webinar that was held.
CBN with its stakeholders outlined its digital currency initiative saying 80 percent of central banks globally are exploring the possibility of issuing their central bank digital currency (CBDC), The Punch had written.

Rukiyat Mohammed, the CBN director for information technology expatiated that since 2017, the bank had been conducting research in regards to central bank digital currencies and may conduct a proof of concept before 2021 ends.

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 rolls it out by the end of the year.

Survey shows Nigerians are not attracted to CBN’s digital currency and has shown that many Nigerians won’t invest in it.

Nigerians cannot openly trade Cryptocurrency because the Nigerian financial regulator has ordered commercial banks and other financial institutions to close accounts linked to digital currency.

At the end of the year, people will only be able to trade government-controlled digital asset. Most Nigerians are worried that the CBN digital currency will be based on the weak naira, but rather prefer cryptocurrency which has a value of the dollar.

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