Tuesday, September 2, 2025
Techgist Africa | Africa Leading Tech News, Reviews and Tips
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact
No Result
View All Result
Techgist Africa | Africa Leading Tech News, Reviews and Tips
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact
No Result
View All Result
Techgist Africa | Africa Leading Tech News, Reviews and Tips
No Result
View All Result
Home Digital Currency

The Central Bank of Nigeria plans to launch digital currency before before the end of 2021

Tech Gist Africa by Tech Gist Africa
06/15/2021
in Digital Currency, Digital payments, Digital Wallet, Fintech, News - West Africa, Payment, Regulation
0 0
0
cryptocurrency

cryptocurrency

0
SHARES
Share on FacebookShare on Twitter

According to a central bank of Nigeria official, Nigeria may deploy a central bank digital currency (CBDC) before the end of 2021.

According to local media reports, Rakiya Mohammed, an information technology specialist at the Central Bank of Nigeria (CBN), revealed that the bank has been considering a CBDC for more than two years.

“By the end of the year, the central bank will make a special announcement and maybe begin a pilot project to be able to distribute this type of currency to the general public,” Mohammed said.

One justification for a CBDC, according to Mohammed, is to make it easier to send remittances into the country. Nigeria received more than $5 billion in remittances quarterly before the pandemic struck, causing a worldwide drop in remittances. Nigeria set up a short rewards program earlier this year to attract overseas transfers to the country.

Mohammed also stated that the CBDC will serve as a complement to cash, and that the CBN has studied the architectural, accessibility, and privacy concerns associated with a digital currency.

CBN will also review other technological possibilities, involve diverse industry stakeholders, and test the digital currency.

The Nigerian government is considering how to regulate the usage of private cryptocurrencies in the country. The CBN ordered all local banks to close accounts related to crypto platforms earlier this year.

 

Read more on Tech Gist Africa:

El Salvador becomes the first country to legalize Bitcoin as a legal form of payment

Ghana is planning a digital currency pilot

ShareTweet
Plugin Install : Subscribe Push Notification need OneSignal plugin to be installed.
Tech Gist Africa

Tech Gist Africa

Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

Related Posts

GITEX Nigeria 2025
Events

GITEX Nigeria 2025: A Landmark Event for Africa’s Digital Future

by Tech Gist Africa
09/01/2025
0

Nigeria is set to host the inaugural GITEX Nigeria from September 1–4, 2025, marking a significant milestone in the nation's...

Read more
Agriculture Africa

Ghana to Become Africa’s First AI-Powered Agricultural Hub with $100M Japanese Investment

09/01/2025
Senegal BOAD

Senegal Partners with West African Development Bank to Propel Digital Transformation

09/01/2025
Chowdeck Nigeria

Chowdeck, a Nigerian Startup Raises $9M in Funding

08/20/2025
Nedbank iKhokha

Big Move in African Fintech: Nedbank Acquires South Africa’s iKhokha for $94M

08/19/2025
Next Post
tejarra

Tejarra, an Egyptian e-commerce platform, has raised a six-figure seed round

Ethiopia Tech News

Ministry of Innovation and Technology and the Internet Society have signed a new agreement to boost the digital economy the digital economy in Ethiopia

Paga Tayo Oviosu

Paga, a mobile payments company, is aiming for a $1 billion valuation and plans to expand beyond Nigeria

No Result
View All Result

The Big 5

ITIDA Egypt

Egypt’s Start IT Programme Welcomes Eight Innovative Startups in 47th Cohort

by Tech Gist Africa
09/01/2025
0

...

startup africa

Innovate47 Launches Food & Agri Accelerator to Empower African Startups

by Tech Gist Africa
09/01/2025
0

...

Dubai AI Accelerator

Dubai’s AI Accelerator has opened Registration for the “Future of AI in Government Services Accelerator” Program

by Tech Gist Africa
09/01/2025
0

...

Presight AI-Startup Accelerator

Presight AI-Startup Accelerator Ignites Global Innovation in Abu Dhabi

by Tech Gist Africa
09/01/2025
0

...

African tech ecosystem

Africa’s Growing Role in Global Tech Partnerships: Collaboration with Silicon Valley and Beyond

by Tech Gist Africa
08/25/2025
0

...

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

AFRICA

  • Made In Africa
  • People
    • Tech Leaders
    • Innovator of the Week
  • Start-Up Spotlight

NEWS

  • Africa News
  • World News

THE BIG 5

  • Big 5 Daily
  • Weekly News Roundup

SPECIALS

  • Guest Articles
  • How Tos
  • Op-Eds
  • Reviews
  • Tech Leaders
  • Tips

VIDEOS

  • Interviews
  • Tech Videos

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

AFRICA

  • Made In Africa
  • People
    • Tech Leaders
    • Innovator of the Week
  • Start-Up Spotlight

NEWS

  • Africa News
  • World News

THE BIG 5

  • Big 5 Daily
  • Weekly News Roundup

SPECIALS

  • Guest Articles
  • How Tos
  • Op-Eds
  • Reviews
  • Tech Leaders
  • Tips

VIDEOS

  • Interviews
  • Tech Videos

Copyright © 2020 Techgistafrica. All Rights Reserved

No Result
View All Result
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact

Copyright © 2019 TECHGISTAFRICA. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.