The wind of Central Bank Digital Currency (CBDC) is currently blowing across the globe with major Central Banks in the process of developing systems that will support digital money. China is testing a digital renminbi version, whereby customers can transact payments over their mobile phones. Europe announced the launch of a digital Euro as part of their five-year plan. The USA Federal Reserve Bank (Fed) is planning to release a discussion paper regarding digital payment system.
Africa is not left behind as two very significant countries within the African Continental Free Trade Area (“AfCFTA”) have been in the news recently in their race to launch the first CBDC on the continent. Nigeria, the continent’s biggest economy, through the Central Bank Governor, Mr Godwin Emefiele, announced on July 27, 2021, the launch of the pilot phase of the Nigerian CBDC (e-Naira) in October this year (less than two months from now). Read More.
