TechBookyBusiness
No Result
View All Result
Thursday, June 30, 2022
  • Login
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us
Subscribe
TechBooky Business
No Result
View All Result
Home Banking

CBN Digital Currency Will Deepen Financial Inclusion, Says FDC

techbookybusiness by techbookybusiness
June 21, 2021
in Banking, Government
Share on FacebookShare on Twitter


Earlier this month, the
Central Bank of Nigeria announced that it plans on launching a digital currency before the beginning of 2022. The disclosure was made by  the CBN Information Technology Specialist –

Earlier this month, the Central Bank of Nigeria announced that it plans on launching a digital currency before the beginning of 2022. The disclosure was made by Information Technology Department Director – Rakiya Mohammed, during an online news briefing at the end of the Bankers Committee meeting. According to her, the Central Bank of Nigeria has been exploring the technology for the past two years and has made significant progress in that aspect. “Before the end of the year, the Central Bank will be making special announcements and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace”, she said specifically.

Analysts at the Financial Derivatives Company (FDC) have revealed in a recent report that the introduction of a digital currency will deepen financial inclusion in the country. The FDC, led by Bismarck Rewane, indicated that central banks around the world have either kicked off experiment and processes to introducing their digital currency or have shown interest in developing their digital currency. According to them, these banks have come to understand that cryptocurrency is here to stay and are developing their own digital currencies to combat the threats and limitations that cryptocurrency is associated with. These limitations include price volatility, poor regulation and these currencies being used as a way of evading tax and funding illicit activities.

In its report, the FDC said that “Nigeria is set to follow the global trend as it plans on launching its digital currency by year end. Unlike crypto, digital currencies are regulated by central banks, thus giving them some level of control on the financial system. On a positive note, virtual currencies would facilitate smooth financial transactions and eliminate bottlenecks associated with the use of cash (mutilated notes, forgery, cash handling charges, shortages). It will also deepen financial inclusion and increase the velocity of circulation”.

The report, however, did not fail to highlight rising concerns of distrust in the government and government-related policies, the country’s cyber security and inadequate digital infrastructure. “All these could limit the launch and widespread use of the digital currency in the country”, the report stated.

The report also highlighted that the drop in the inflation rate in May for the second straight month contradicts the realities of the markets.

The CBN first talked about introducing a digital currency in Nigeria last month. “We have carried out our investigation and we have found out that a substantial percentage of our people are getting involved in cryptocurrency which is not the best. Don’t get me wrong, some may be legitimate but most are illegitimate. Under cryptocurrency and Bitcoin, Nigeria comes 2ndwhile in the global side of the economy, Nigeria comes 27th. We are still conducting our investigation and we will make our data available”, CBN Governor – Godwin Emefiele, who seems to be a skeptic of cryptocurrency,said.

Rakiya Mohammed, during an online news briefing at the end of the Bankers Committee meeting. According to her, the Central Bank of Nigeria has been exploring the technology for the past two years and has made significant progress in that aspect. “Before the end of the year, the Central Bank will be making special announcements and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace”, she said specifically.

Analysts at the Financial Derivatives Company (FDC) have revealed in a recent report that the introduction of a digital currency will deepen financial inclusion in the country. The FDC, led by Bismarck Rewane, indicated that central banks around the world have either kicked off experiment and processes to introducing their digital currency or have shown interest in developing their digital currency. According to them, these banks have come to understand that cryptocurrency is here to stay and are developing their own digital currencies to combat the threats and limitations that cryptocurrency is associated with. These limitations include price volatility, poor regulation and these currencies being used as a way of evading tax and funding illicit activities.

In its report, the FDC said that “Nigeria is set to follow the global trend as it plans on launching its digital currency by year end. Unlike crypto, digital currencies are regulated by central banks, thus giving them some level of control on the financial system. On a positive note, virtual currencies would facilitate smooth financial transactions and eliminate bottlenecks associated with the use of cash (mutilated notes, forgery, cash handling charges, shortages). It will also deepen financial inclusion and increase the velocity of circulation”.

The report, however, did not fail to highlight rising concerns of distrust in the government and government-related policies, the country’s cyber security and inadequate digital infrastructure. “All these could limit the launch and widespread use of the digital currency in the country”, the report stated.

The report also highlighted that the drop in the inflation rate in May for the second straight month contradicts the realities of the markets.

The CBN first talked about introducing a digital currency in Nigeria last month. “We have carried out our investigation and we have found out that a substantial percentage of our people are getting involved in cryptocurrency which is not the best. Don’t get me wrong, some may be legitimate but most are illegitimate. Under cryptocurrency and Bitcoin, Nigeria comes 2ndwhile in the global side of the economy, Nigeria comes 27th. We are still conducting our investigation and we will make our data available”, CBN Governor – Godwin Emefiele, who seems to be a skeptic of cryptocurrency,said.

Total
0
Shares
Share 5
Tweet 0
Pin it 0
Share 0

Related Posts:

  • CBN May Launch Digital Currency Before The End Of The Year
    CBN May Launch Digital Currency Before The End Of The Year
  • Nigeria’s Central Bank Releases Guidelines For Imminent E-naira
    Nigeria’s Central Bank Releases Guidelines For Imminent…
  • Google Playstore Removes The e-Naira Speed Wallet App Over Bad Reviews After 100,000 Downloads
    Google Playstore Removes The e-Naira Speed Wallet App Over…
  • Bank Of Japan Starts Its Experiments Relating To Digital Currency
    Bank Of Japan Starts Its Experiments Relating To Digital…
  • The Ugandan Central Bank Is Considering A Central Bank Digital Currency
    The Ugandan Central Bank Is Considering A Central Bank…
  • South Korea’s Central Bank Is Making Moves To Develop Digital Money
    South Korea’s Central Bank Is Making Moves To Develop…
  • Barbados-based Bitt Inc. Has Been Named By CBN As Technical Partner For E-Naira Set To Launch October 1
    Barbados-based Bitt Inc. Has Been Named By CBN As Technical…
  • The CBN Reiterates Its Stance On Cryptocurrency As it Sets To Launch Its Digital Currency In October
    The CBN Reiterates Its Stance On Cryptocurrency As it Sets…
Tags: cbncentral bank of nigeriadigital currencyfinancial derivatives company
Previous Post

After Federal Open Market Committee Report, Bitcoin Slumps To $35,000

Next Post

Coinbase Backed Crypto Trading Firm; Amber Group, Hits $1b Valuation After Fresh Funding

Next Post
Coinbase Backed Crypto Trading Firm; Amber Group, Hits $1b Valuation After Fresh Funding

Coinbase Backed Crypto Trading Firm; Amber Group, Hits $1b Valuation After Fresh Funding

No Result
View All Result

Get top tech business news in your inbox

subscription from
Loading

Crypto Price List

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
  • TadpoleTadpole(TAD)
    $7.32-1.74%
  • SEENSEEN(SEEN)
    $2.05-2.27%
  • EvedoEvedo(EVED)
    $0.082301-0.80%
  • MarginswapMarginswap(MFI)
    $0.184213-2.11%
  • SakeTokenSakeToken(SAKE)
    $0.0127135.28%
  • WTF TokenWTF Token(WTF)
    $0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)
    $0.005461-5.83%
  • RobotinaRobotina(ROX)
    $0.00266138.50%
  • CageCage(C4G3)
    $0.005010-3.67%
  • YAM v2YAM v2(YAMV2)
    $4.70-1.41%

Recent Posts

  • Snapchat Launches Its Paid Subscription Plan Snapchat Plus
  • Taiwan’s Central Bank Is Working On A Government-run Digital Currency
  • Kukua, An Africa’s ‘Edu-tainment’ Company And Creator Of Super Sema, Secures $6 Million In Series A Funding Co-led By Tencent And Alchimia
  • Pinterest Stock Soars On The Announcement That CEO Ben Silbermann Is Stepping Down
  • Nigeria’s Payment Platform Abeg Rebrands Into Social Commerce Platform Pocket By Piggvest

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Get top tech business news in your inbox

subscription from
Loading

Popular Tags

Acquisition africa amazon apple bitcoin cbn china coinbase company crypto cryptocurrency e-commerce E-Naira earnings earnings season elon musk facebook fintech Funding gadget google government india internet Investment ipo kenya microsoft money netflix nigeria payment payments Q1 revenue russia service shares social media Startup Stock tesla twitter Ukraine whatsapp

Calendar

June 2022
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930  
« May    

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Recent News

  • Snapchat Launches Its Paid Subscription Plan Snapchat Plus
  • Taiwan’s Central Bank Is Working On A Government-run Digital Currency
  • Kukua, An Africa’s ‘Edu-tainment’ Company And Creator Of Super Sema, Secures $6 Million In Series A Funding Co-led By Tencent And Alchimia
  • Pinterest Stock Soars On The Announcement That CEO Ben Silbermann Is Stepping Down
  • Nigeria’s Payment Platform Abeg Rebrands Into Social Commerce Platform Pocket By Piggvest
  • Crypto Exchange FTX Debunks News That It Plans To Acquire Robinhood

© 2021 Techbooky Business - Design by Techbookyelite.

No Result
View All Result
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us

© 2021 Techbooky Business - Design by Techbookyelite.

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
  • bitcoinBitcoin(BTC)$19,446.50-2.55%
  • ethereumEthereum(ETH)$1,060.91-5.31%
  • tetherTether(USDT)$1.000.11%
  • usd-coinUSD Coin(USDC)$1.000.19%
  • binancecoinBNB(BNB)$213.12-2.48%
  • Binance USDBinance USD(BUSD)$1.000.23%
  • rippleXRP(XRP)$0.319954-2.58%
  • cardanoCardano(ADA)$0.450019-3.06%
  • SolanaSolana(SOL)$31.88-8.27%
  • dogecoinDogecoin(DOGE)$0.0654281.09%
  • polkadotPolkadot(DOT)$6.81-4.64%
  • Shiba InuShiba Inu(SHIB)$0.0000103.12%
  • AvalancheAvalanche(AVAX)$16.56-7.72%
  • matic-networkPolygon(MATIC)$0.464689-9.98%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000071-5.36%
Posting....