The Central Bank of Nigeria (CBN) has announced plans to launch a pilot program for a digital currency. The move comes as part of the country’s efforts to digitize its financial system and reduce the use of physical cash.
The digital currency, called the e-naira, will be issued by the CBN and will be pegged to the Nigerian naira. According to the CBN, the e-naira will be a secure and efficient means of digital payment and will help to reduce the cost of transactions.
The pilot program for the e-naira is expected to begin in October 2021, with the digital currency being tested in selected banks and other financial institutions. If successful, the CBN plans to roll out the e-naira to the public in the first quarter of 2022.
The introduction of a digital currency in Nigeria is seen as a significant development, as it has the potential to improve financial inclusion and promote economic growth. However, there are also concerns about the security and privacy of digital transactions, as well as the potential for fraud and cybercrime.
