The Central Bank of Nigeria in a statement released earlier this year hinted at exploring the feasibility of a Central Bank-issued Digital Currency (CBDC) to complement the naira and make remittances from foreign countries to Nigeria easier.
Norway, South Africa, Japan, and many other countries have begun to explore approaches to creating digital currency and China has already begun trials to keep up with the growing trend in financial technology.
The statement released in February 2021 explicitly stated that digital currencies and crytocurrencies are very different as cryptocurrencies are issued by unknown and unregulated entities. After stating his concerns about cryptocurrency the CBN governor, Godwin Emefiele went on to say, “We are committed in the CBN and I can assure everybody that digital currency will come to life even in Nigeria.
