{"id":44160,"date":"2021-06-11T11:02:42","date_gmt":"2021-06-11T08:02:42","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=44160"},"modified":"2025-08-31T15:41:26","modified_gmt":"2025-08-31T12:41:26","slug":"nigeria-announces-pilot-cbdc-launch","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/nigeria-announces-pilot-cbdc-launch\/","title":{"rendered":"Nigeria announces pilot CBDC launch"},"content":{"rendered":"<p>By the end of 2021 the Central Bank of Nigeria (CBN) could roll out a pilot project for a national digital currency (CBDC). This was stated by the regulator&#8217;s information technology specialist Rakiya Mohammed, according to <a href=\\\"https:\/\/www.today.ng\/business\/energy\/official-cbn-launch-digital-currency-2021-370269\\\">Today NG<\/a>.<\/p>\n<p><!--more--><\/p>\n<p>According to her, the CBN has been examining the possibility of issuing a digital naira for more than two years.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cBy the end of the year the central bank will issue a formal announcement and, perhaps, launch a pilot scheme to provide such a currency to the population,\u201d said Mohammed.<\/p>\n<\/blockquote>\n<p>The regulator&#8217;s representative added that a CBDC would complement cash. Officials say it could simplify and speed up transfers into Nigeria.<\/p>\n<p>Authorities plan to study launch options for the digital currency and involve \u201cvarious industry participants.\u201d<\/p>\n<p>Earlier in September 2020 the <span data-descr=\\\"Nigerian Securities and Exchange Commission\\\" class=\\\"old_tooltip\\\">SEC<\/span> of Nigeria <a href=\"https:\/\/u1f987.com\/en\/news\/nigerian-regulator-classifies-crypto-assets-as-securities\">equated<\/a> cryptocurrencies to securities. In the same year the agency <a href=\"https:\/\/u1f987.com\/en\/news\/nigerian-authorities-to-develop-legal-standards-for-cryptocurrencies\">announced the development of a regulatory framework<\/a> for digital assets and blockchain technology.<\/p>\n<p>In February 2021 <a href=\"https:\/\/u1f987.com\/en\/news\/nigeria-bans-banks-from-servicing-bitcoin-exchanges\">the CBN ordered<\/a> commercial financial institutions to close the accounts of companies operating with cryptocurrencies. Later the Nigerian Senate demanded from the central bank governor Godwin Emefiele <a href=\"https:\/\/u1f987.com\/en\/news\/nigerian-senate-calls-on-central-bank-to-explain-restrictions-on-bitcoin-exchanges\">explain the introduced restrictions<\/a>.<\/p>\n<p>At the end of March, CBN spokesman Adamu Lamtek said that <a href=\"https:\/\/u1f987.com\/en\/news\/nigerias-central-bank-clarifies-its-position-on-cryptocurrencies\">the regulator had not prohibited local residents from buying and selling Bitcoin<\/a>, with the restrictions applying only to financial institutions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By the end of 2021 the Central Bank of Nigeria (CBN) could roll out a pilot project for a national digital currency (CBDC). This was stated by the regulator&#8217;s information technology specialist Rakiya Mohammed, according to Today NG.<\/p>\n","protected":false},"author":1,"featured_media":44161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,150],"class_list":["post-44160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-nigeria"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/44160","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=44160"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/44160\/revisions"}],"predecessor-version":[{"id":44162,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/44160\/revisions\/44162"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/44161"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=44160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=44160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=44160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}