CBN to launch digital currency before year-end

The Central Bank of Nigeria (CBN) on Thursday said it will before the end of the year launch its digital currency, after two years of exploring the possibility of issuing the same.

Rakiya Mohammed, information technology at the CBN disclosed this on Thursday after the bankers committee meeting held via zoom.

The digital currency she said would help the country to achieve the 80 percent financial inclusion target, which it missed in 2020.

When launched, the digital currency will be accessible to everybody just the way the local currency is accessible to everyone today, she said.

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Mohammed said the CBN will be making an announcement on this very soon.

Other issues discussed at the bankers’ committee include the launch of digital cards, as well as foreign exchange availability in banks.

The banks Chief executives who briefed the media on the outcome of the bankers’ committee include, Herbart Wigwe, group managing director/CEO, Access Bank Plc, Patrick Akinwuntan, managing director/CEO, Ecobank Nigeria, Nneka Onyeali-Ikpe, managing director/CEO, Fidelity Bank, Abubakar Suleiman, managing director/CEO, Sterling Bank Plc, Haruna Mustafa, director, banking supervision, CBN and Osita Nwalisobi, acting director, corporate communication department, CBN.

Details later…

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.