CBN Unveils Digital Currency to Mark Nigeria’s Centenary

Central Bank of Nigeria (CBN) yesterday unveiled a digital N100 paper note, first of its kind, to commemorate Nigeria's centenary.

Godwin Emefiele, apex bank’s governor, during the launch at the weekly Federal Executive Council (FEC) meeting, reeled out series of activities lined up for the eventual issuance of the new note on Friday,  December 19, 2014.

According to him, the new currency will next Wednesday be sent out to banknote equipment manufacturers and other machine suppliers to enable them adapt to machines and authentication devices.

Also, on 26th November, there will be a publication of the new N100 bank note to be sent by the CBN to commercial banks, chamber of commerce, Nigeria Police Force, cash in transit companies among others.

Furthermore, on 3rd December, leaflets on the new note are to be sent to 1,000 Point Of Sales (PoS) in the country, including a reminder about adapting machines and devices.  On Wednesday, December 17th, a film showing how to check the new N100 bank goes live on the CBN youtube.

Explaining the features of the new product, Emefiele said it was designed with enhanced security to offer robust resistance against counterfeiting.

"We have produced a banknote which is the first of its kind, but most importantly it has been designed and produced with most advanced technologies in the world. This makes the note the first digital banknote in the world,” he said.