Federal finance and statistics / Central Bank of Nigeria

The Evolution of Money and the Changing Role of Central Banks in the Digital Age

The main purpose of this paper is to examine the changing roles of central banks occasioned by the challenges posed by digitalisation. Based on available literature surveyed, this changing role is principally evident in the recent move by most central banks to issue their own digital currencies with a view to achieving orderly conduct of payment systems already threatened by the proliferation of private digital currencies. | Keywords: money, central banks, digital age, digital currency, CBDC forces, innovation diffusion model