Nigeria Sets October Date for Digital Currency

Nigeria Sets October Date for Digital Currency

By Bashir Olanrewaju

The Central Bank of Nigeria has announced October 1, the country’s independence anniversary, as the date it will unveil the country‚Äôs digital currency.

The launch of the pilot scheme will enable the monetary authorities to evaluate the potentials of digital currencies in achieving improved financial management,  Rakiya Mohammed, the CBN’s director of information technology told reporters in an online briefing.

A digital naira is expected to bring improvements to payments within the country and across borders, while
aiding financial inclusion, targeted social interventions, tax collection and broader micro- and macro-economic management,  according to the central bank.

The regulator said fintech companies, which have been growing in numbers in Nigeria’s financial system, are also expected to benefit from the introduction of the digital currency as they’ll be able to develop new products and services to complement traditional payments.