Central Bank of Nigeria said to have been exploring CBDC implementation for two years, attempting to launch pilot within 2021
Rakiya Mohammed, an IT specialist at the Central Bank of Nigeria, has told local reporters the institution will be making a special announcement later this year, possibly launching the CBDC pilot. The country was researching CBDC implementation for two years, with close-by Ghana having made substantial process to beat the race as first CBDC in Africa.
Nigeria’s move to centralised digital currencies comes in concordance with a ban of all DeFi currencies earlier this year, prohibiting banks from offering crypto services due to fears of the technology being abused for illicit purposes.
The project will virtually eliminate costs and waiting time for foreign remittances, According to the Coin Telegraph, $26.4 billion in remittances were sent to Nigeria in 2019, making it the largest non-oil forex revenue of the country.
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