By Udora Orizu
The African Centre for Justice and Human Right (ACJHR) has commended the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele over the plan to float digital currency, describing it as a welcome development.
The group in a statement issued in Abuja by it’s deputy head of communication, Jasmine Akpeh said that ACJHR view this as another major move by the apex bank to further improve the nation’s economy for the benefit of all.
The statement reads, ”Central Bank Digital Currencies (CBDCs) are electronic versions of fiat money issued by central banks and backed by the reserves of the issuing countries. We are aware that different apex banks have disclosed their intentions to issue digital currencies as the global system battles the disruption of cryptocurrencies. The decision of the CBN under Emefiele not to take the back seat in this regard is therefore highly commendable.
“We are sure that history will judge the CBN Governor and his team well considering the efforts they have put into initiating very laudable monetary policies for the country. We note that the move to unveil digital currency will revolutionise the economy and it should therefore be supported by all. We also urge the CBN under Emefiele to continue with its good works of always putting Nigeria and its citizens first in its policies. We urge them to work hard to meet the deadline set for themselves so that the feat can be achieved before the end of the year as promised in order for Nigerians to start benefitting from the policy.”