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Central Bank of Nigeria Partners With MasterCard For eNaira Design.

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Sets For Roll Out

The director of Information Technology, Central Bank of Nigeria (CBN), Rukiya Mohammed, on Wednesday said the apex regulatory bank has concluded plans to launch the Central Bank Digital Currency (CBDC) on October 1.

She said that CBN has partnered with a lot of experts in digital currency technology delivery, such as MasterCard, and came up with the design which the apex bank is ready to publish.

According to News Agency of Nigeria (NAN), Mohammed disclosed this in a webinar, themed “Digital currency and the prospects of CBDC in Nigeria”, organised by the committee of e-Business in industry Heads Nigeria (CeBIH).

Mohammed noted that the use of digital payment was rising while cash payment was declining both in Nigeria and globally.

She said that over 85 per cent of Central Banks worldwide were considering digital currency, and therefore it is innovative of CBN to cope and be at the forefront with global trends.

On the beginning steps for the roll out, the CBN director pointed out that, “CBN would focus on low amount payments at the introductory stage, instant settlement with low cost.

On the rate of the digital currency to Naira, she said, “CBDC would be legal tender with one e-naira equivalent to one naira which shows fundamental differences between CBDC and crypto currencies.”

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