The director of Information Technology, Central Bank of Nigeria, Rukiya Mohammed, on Wednesday said the apex bank has concluded plans to launch the Central Bank Digital Currency on October 1.

The News Agency of Nigeria reports that Mohammed disclosed this in a webinar, themed “Digital currency and the prospects of CBDC in Nigeria”, organised by the Committee of e-Business in Industry Heads Nigeria.

Mohammed said that the use of digital payment was rising while cash payment was declining both in Nigeria and globally.

She said that over 85 per cent of Central Banks worldwide were considering digital currency and so CBN was also innovative to cope with global trends.