Skip to main content

Nigerian Central Bank Says Amended CBDC Model to Ensure Increased Volumes and Wallet Activity

Nigerian Central Bank Says Amended CBDC Model to Ensure Increased Volumes and Wallet Activity

The Nigerian central bank has said it is amending the model of its central bank digital currency and is hopeful that such an exercise will result in “an increase in the volume and activity of wallet holders.” According to the acting governor, the central bank is also working towards making the forex market more “efficient and effective in the face of high demand for foreign exchange.”

CBDC Has Not Lived Up to Hype

The acting governor of the Nigerian central bank, Folashodun Shonubi, said on July 26 that his institution is working on amending the model of its digital currency. The objective of this exercise is “to ensure an increase in the volume and activity of wallet holders.” Shonubi, who is standing in for the suspended governor Godwin Emefiele, made the comments when the central bank’s monetary policy committee met for the second time this week.

The remarks are the latest acknowledgement by the Central Bank of Nigeria (CBN) that its much-touted central bank digital currency has not lived up to hype. As reported by Bitcoin.com News in Oct. 2022, the CBDC, which is also known as the e-naira, was still widely snubbed by Nigerian residents more than a year after its launch. At the time, the central bank’s deputy governor Kingsley Obiora suggested that the digital currency needed “a little push from the government.”

Central Bank Says It Is Working Hard to Control Inflation

Earlier this year, the CBN was said to be searching for a new technology partner to replace the Barbados-based Bitt Inc. According to various media reports at the time, the Nigerian central bank’s objective was to find a technology which would allow it to exert greater control of the CBDC. In a tweet shared via the CBN’s official handle, Shonubi did not reveal when the process to amend the CBDC model is expected to end.

Meanwhile, the CBN’s acting governor also touched on the central bank’s ongoing effort to stabilize inflation.

“[The] Central Bank of Nigeria’s Monetary Policy Committee says the Bank is using every tool in the box to reduce liquidity and rein in inflation,” the bank said in a tweet.

Concerning the country’s foreign exchange crisis, which has now seen the local currency fall to a new all-time low, the CBN acting governor urged patience. He added that the central bank is working towards making the forex market more “efficient and effective in the face of high demand for foreign exchange.”

Register your email here to get a weekly update on African news sent to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/pHhdRn7
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more