Emefiele confirms plan to unveil digital currency in October, says its a noble idea

OBINNA EZUGWU

Governor of Nigeria’s Central Bank, Godwin Emefiele, has said the apex bank plans to unveil its digital currency, E-Naira as part of its digital economy push.

Emefiele said the E-Naira is to compliment the naira, and not to replace it.

The CBN governor who spoke at the MPC meeting on Tuesday, said the world is going digital and the naira cannot play efficiently in that field.

He confirmed that the new currency will be unveiled in October.

Emefiele, however, said that the ban on digital currencies like Bitcoin would remain in place.

He emphasized that digital currencies are not regulated and therefore, poses huge risks.

Emefiele said the instruction given to commercial banks not to facilitate digital currency trade will remain in place, but that individuals who wish to trade can do so at their own risk.

He said the bank will be happy with people who make money through digital currency, but will laugh at those who lose money because it has sufficiently warned against the trade.