CBN: Digital Currency Would Be Critical National Infrastructure


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By James Emejo

The Central Bank of Nigeria (CBN) has said its proposed digital currency, known as e-Naira, will be treated as a critical national infrastructure to protect it from operational and cyber-security risks.

In a document obtained by THISDAY, which offered more insights into the digital money regime, especially the potential risks and mitigation measures, the apex bank said there would be a co-existence of traditional payment systems and the CBN Digital Currency (CBDC) to address interoperability risks that might be associated with the implementation.

CBN said it would apply regulatory framework and compliance mechanisms to prevent disruptive competition for the electronic money.

On the associated cost and risk of deploying/on-boarding a new payment platform, the bank explained that medium to long- term pay-off in increased efficiency of operations was expected to offset initial outlay. It added that any risk of disintermediation…

Source: Thisday Newspaper