Central Bank of Nigeria reportedly slow to implement Digital Currency Unfazed Despite Reports, Reserve Bank of Zimbabwe Deputy Governor Innocent Mache recently said his institution would move forward with plans to launch its own digital currency. In addition to sending teams to learn from the experience of the Central Bank of Nigeria, Zimbabwe has reportedly sent teams with similar missions to countries such as China and Ghana.
CBDC ‘decision not yet taken’
Nigeria’s reported slow adoption of Central Bank Digital Currency (CBDC) or e-naira This will not deter central banks from working on their own CBDC, the bank’s deputy governor, Innocent Matshe, was quoted as saying: He said the CBDC is “no jury out yet” but that his agency will continue to prepare for the launch of the digital currency.
As he previously reported on Bitcoin.com News, fewer Nigerian adults downloaded or used his CBDC when making payments than expected. Some reports estimate that the number of active e-naira wallet users is around 5% of the adult population in Nigeria. Experts have linked the slow adoption of e-Naira to the digital currency’s failure to live up to its pre-launch promises.
Meanwhile, Chiagozie Iwu, a Nigerian expert and founder of local digital currency exchange Naijacrypto, told Bitcoin.com News that the Central Bank of Nigeria is , said, “We need to create a more friendly environment.” We support fintech and blockchain-based innovation.
All options are still under consideration
but his remarks as announced by Bloomberg , the Reserve Bank of Zimbabwe (RBZ), No. 2, admitted it may be hesitant when it comes to CBDCs, but that doesn’t stop preparations. He said:
Certainly there is hesitation in the market to consider. We don’t see it as a deterrent at this point. But I see it as a learning point for us. Measures can then be taken to try to mitigate the factors driving hesitation in the Nigerian market.
Reports show that the Zimbabwean government has already taken steps to help countries such as China and Ghana. We have sent a team to investigate each of his CBDC projects. Prior to this, his RBZ team led by Josephat Mutepfa visited the Central Bank of Nigeria on 27 June.
Meanwhile, regarding the design and features of Zimbabwe’s digital currency, RBZ Deputy Governor Matshe suggested that it “has its own peculiarities.” He added that while all options are still on the table, RBZ does not expect the CBDC to be “directly linked to any currency.”
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