Central Bank of Nigeria to launch digital currency Oct 1, 2021.

[fiulpro]

Indeed, that is quite fast! We will see how things will pan out here once they deploy their very own CBDC. Interested on the sentiments coming from their own citizens. Because once people are getting acquainted with the use of CBDC, the likelihood of going into crypto - btc and other alts, is very high. As they will learn the nature of CBDCs and crypto, their differences and the benefits, some may eventually go to crypto because of so many advantages.

I think they already knew what was going on since at the end of the day, they banned cryptocurrencies like bitcoins and at the same time they were so adamant on explaining the public about how it would not affect them. I do think that banning cryptocurrencies like bitcoins was step one. After that they are going to deviate the crowd towards the crypto that the government launches.

They are doing that during a pandemic which might not give results that they are expecting but I do believe that they have to give special discounts to get the ball rolling.

It's quite nice to hear how CBDC in Nigeria is launching in the very near future this year. maybe it will push them to a higher rank than they are currently. However, at this time I have not heard the approval that came out of the US parliament on their response to Nigeria.

I think cryptocurrencies like bitcoins were a better option since these cryptos are more dependent on the whole world and not just one country. Also bitcoins is already established. It would take a while to establish the government's crypto. Which would technically be a fiat.

[stompix]

I don't find it surprising that they're launching faster. Firstly, they have less to risk. China is second biggest economy in the world, and countries from the EU are also all pretty high. As for Nigeria, it's #30, so while it's not doing badly itself,

That place doesn't matter, India is above France by nominal GDP and Mexico and Indonesia above Switzerland and Netherlands, do you really think it's a fair comparison to the capabilities those countries have at their disposal now?
Nigeria might be #30 by nominal but by capita, they are #160, in short, large population but poor.

And when one of these countries comes up with stuff like that, saying they will do in just three months what other countries couldn't do it's clear what will happen, it will be a flop. What I suspect is going to happen is a lot of money going to some official and business to develop it and then nothing, somebody got some fat checks and the project will be abandoned because of...reasons!

I know I've said this sometime before but I'd say it again, I honestly see no reason why the Nigerian government are working on launching a CBDC,

Have some news for the press that they are working on something and not just laying around all day? Also as I said a way to direct some research funds to some probably new company, plus a lot of high paid jobs in new commissions for some relatives that need one?

It's quite nice to hear how CBDC in Nigeria is launching in the very near future this year.

Why?

[Issa56]

That's really funny central bank that banned cryptocurrency few months ago in Nigeria are trying to launch digital currency so what's the purpose of banning cryptocurrency in the first place when they know they are also going to launch digital currency. I think this is a very nice idea but hope this is not a another method of embezzling money again because any slight attempt in Nigeria they always make the use of it to steal money.

[NeuroticFish]

That's really funny central bank that banned cryptocurrency few months ago in Nigeria are trying to launch digital currency so what's the purpose of banning cryptocurrency in the first place when they know they are also going to launch digital currency. I think this is a very nice idea but hope this is not a another method of embezzling money again because any slight attempt in Nigeria they always make the use of it to steal money.

It's not funny at all. They are trying to replace the use of Bitcoin with the use of their own centralized, fully traceable and full control currency, which is even worse than fiat.
How is it easier to do that? Banning the competition first.
Will this CBDC solve the problems in the country? Most probably not and will also create new ones. But I hope that after some point they'll lift the ban on proper crypto (at least Bitcoin).

[19Nov16]

That's really funny central bank that banned cryptocurrency few months ago in Nigeria are trying to launch digital currency so what's the purpose of banning cryptocurrency in the first place when they know they are also going to launch digital currency. I think this is a very nice idea but hope this is not a another method of embezzling money again because any slight attempt in Nigeria they always make the use of it to steal money.

Maybe because the Nigerian central bank did a long study so that now it accepts crypto, we will see developments in at least 3 more years, hopefully it can have a good impact on the Nigerian economy and benefit globally.

[jaysabi]

October 1 is an incredibly aggressive timeline for a launch, I'm surprised they're announcing something so soon and I'll be even more surprised if they can actually pull it off. It's not the sort of thing you can just set up and launch successfully on a country-wide scale with so little time.

[SquallLeonhart]

I remembered a month ago when the Director-Information Technology Department, Central Bank of Nigeria, Mrs Rakiyat Mohammed said that the banking regulator will launch a digital currency before the end of 2021. It was surprising because we all know how long it took China before lauching digital Yuan. Also, the digital Euro is said to take 5 years to launch:

Today the Governing Council of the European Central Bank (ECB) decided to proceed with a 24-month central bank digital currency (CBDC) project to investigate the potential of a digital euro. Even if it decides to go ahead with a digital euro, the ECB President has previously stated it would take five years to launch.

I do not think United States has really planned on creating a digital currency as well, and I believe it could take time before the launch. I recently read another news today that the the Nigerian CBDC pilot scheme will be launched October 1st, 2021 which is will be fast than we thought. Although, Nairametrics said that the press briefing delivered by the Director IT department, Rakiya Mohammed, at the end of the meeting explained that the Bank had been conducting research in regards to central bank digital currencies since 2017 and may conduct a proof of concept before the end of this year.

I hope this is not too early because it was not long ago when CBN announced its ambition to create CBDC.

I am not entirely sure if this will go as well as they are expecting it to go. This is a nation that nearly banned everything about crypto and now they are saying they want to launch a digital currency? I mean think about it we are talking about something that is not %100 perfect but also not that bad neither when you are using it with other cryptos, however all by itself suddenly it becomes something that is very useless, why would I want a CBDC without any crypto at all.

Nigeria needs to let everyone in their nation to be able to use crypto again without fear, and not just like make it legal or something, they need to also make sure they support it and this is known as well. Would you invest millions of dollars starting a crypto business in Nigeria if you were scared that it may get cancelled in a few years? So, they need to show some support for it if they want their CBDC to be accepted as well.

[Stanlo]

Whatever the Nigeria government are trying to do is for their own good not the innocent people living in Nigeria, the government don't do things that will benefit their own people, I'm interested in seeing how this will go in the end, if truly they want CBDC to happen then it won't be good for crypto investors in Nigeria

[bitterguy28]

Obviously with cases of corruption in that country , maybe the government is planning to take advantage of the crypto users in their place to at least take this bait.

But Nigerian investors and crypto users are bright enough to know whats the plan behind this  launching in so much faster  action.

[BIN-BIN]

I was listening to the CBN governor interview the other day and from all indications, the Central bank does not have the technical knowledge to develop CBCN by the year 2021 maybe it’s just a policy statement to bring to the purview of the public what the central bank is trying to do after banning cryptocurrency trading in Nigeria.

It’s going to take quite a long time before a digital naira is going to be created and utilize in Nigeria. The central bank should focus all attention on economic recovery and fight inflation to its barest minimum. After then there can talk about developing a digital currency.