Before the end of the year, the CBN plans to create a digital currency.

After two years of researching the potential of launching a digital currency, the Central Bank of Nigeria (CBN) said on Thursday that it will introduce it before the end of the year.

Rakiya Mohammed, the CBN’s information technology director, revealed this on Thursday following the banker’s committee’s virtual meeting.

She said that the digital currency will assist the government in meeting its 80 percent financial inclusion objective, which it failed in 2020.

She claims that once digital money is established, it will be available to everyone in the same manner that the local currency is today.

According to Mohammed, the CBN would make a declaration on this matter very shortly.

Other topics covered by the bankers’ committee include the introduction of digital cards and the availability of foreign exchange in banks.

Herbart Wigwe, group managing director/CEO, Access Bank Plc, Patrick Akinwuntan, managing director/CEO, Ecobank Nigeria, Nneka Onyeali-Ikpe, managing director/CEO, Fidelity Bank, Abubakar Suleiman, managing director/CEO, Sterling Bank Plc, Haruna Mustafa, director, banking supervision, CBN, and Osita Emmanuel, managing director/CEO, Fidelity

Details will be provided later…