Senegal Central Bank Expresses Cautious Support for Digital Currencies Amid CBDC Research

November 27, 2023

1 minute read

Digital Currencies

Today, Senegal’s Central Bank issued a statement outlining its stance on digital currencies, with a focus on cautious exploration. This announcement, made in Dakar, comes amid rising interest in digital currencies and follows similar moves by other African countries, including Nigeria and Ghana, as well as global entities examining the utility of Central Bank Digital Currencies (CBDCs).

Senegal’s Central Bank emphasized that it is researching the potential benefits and challenges of a CBDC, aiming to evaluate how it could impact the financial system, currency stability, and overall economic framework. The statement highlighted a careful, measured approach, noting that Senegal’s financial authorities remain open to the concept but stress the importance of ensuring robust regulatory standards and financial security measures.

This exploration of a CBDC aligns with Africa’s growing interest in digital currencies, driven largely by inflation concerns and the need to enhance cross-border transactions. Several African countries, including Ghana and Nigeria, have already piloted or launched their own CBDCs to provide a secure and accessible alternative to traditional financial services​

Share:
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Related Links

Senegal

Senegal Sees Economic Integration Push at WAVES Summit

Senegal is taking center stage in West Africa’s economic integration efforts with the upcoming WAVES ...

Atlantic

Atlantic Lithium Prepares for Ewoyaa Lithium Project in Ghana

Atlantic Lithium, listed on the ASX, AIM, and Ghana Stock Exchange, has secured all necessary ...

Burkina faso

BurkinaFaso Scraps Electoral Commission Prolongs Military Rule

Burkina Faso’s military leaders have disbanded the Commission Électorale Nationale Indépendante (CENI), a decision that ...

Wafcon

Wafcon 2024 Quarter-Finals: Africa’s Top Women’s Teams Clash

The 2024 Women’s Africa Cup of Nations (Wafcon) in Morocco has kicked off with an ...

Features

Buhari's Legacy

From the Fulani Plains to Power: The Buhari Chronicle

Muhammadu Buhari (17 December 1942 – 13 July 2025), a name etched into Nigeria’s historical ...

Flood

Texas Mourns as Flash Flood Death Toll Hits 120

Shock has turned to grief across Texas as the death toll from devastating flash floods ...

heat

Morocco Heat Wave Drives Surge in Air Conditioning Demand

Morocco is grappling with a severe heatwave this summer, with temperatures soaring well above average ...

UK

UK and US Clamp Down on Nigerian Visas:What Does It Really Mean?

The United Kingdom and United States have recently tightened visa policies for Nigerian citizens, sparking ...

Netherlands Returns 119 Looted Benin Bronzes to Nigeria

On Thursday, June 26, 2025, the Netherlands returned 119 looted artifacts, known as the Benin ...

Ngugi-wa-Thiongo

Ngũgĩ wa Thiong’o:Passed the pen to the Next Generation.

Ngũgĩ wa Thiong’o, a legendary Kenyan writer, scholar, and revolutionary voice in African literature passed ...

ECOWAS

ECOWAS Celebrates 50th Anniversary Amid Sahel States Tensions

On May 28, 1975, fifteen West African nations signed the Lagos Treaty, establishing the Economic ...

What Really Moves Bitcoin’s Price? A Comprehensive Guide to the Key Drivers of Volatility and Value

What Really Moves Bitcoin’s Price? A Comprehensive Guide to the Key Drivers of Volatility and Value

​Bitcoin, the pioneering cryptocurrency, has captivated the financial world with its innovative technology and notable ...

Latest News

Today in History

July 18th is the day in 1555 that the College of Arms was reincorporated by Royal Charter signed by Queen Mary I of England and King Philip II of Spain.

Exchange Rate Per Dollar

AM Armenian Dram384.23
GH Ghana Cedi10.425
GM Gambian Dalasi71.5
GN Guinea Franc8,656
NG Nigerian Naira₦1,530.97
CF CFA Franc BEAC564.0902
18 Jul · CurrencyRate · USD
CurrencyRate.Today
Check: 18 Jul 2025 23:05 UTC
Latest change: 18 Jul 2025 23:00 UTC
API: CurrencyRate
Disclaimers. This plugin or website cannot guarantee the accuracy of the exchange rates displayed. You should confirm current rates before making any transactions that could be affected by changes in the exchange rates.
You can install this WP plugin on your website from the WordPress official website: Exchange Rates🚀

YOUR THOUGHTS

Let us know what you think

Contact the People’s Paper with feedback on stories and how we could make wapress.africa even better!

newsletter image

Stay up to date with the latest from West Africa Press

Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on WApress.

Subscribe Newsletter!

Be the first to receive our latest contents and more...

Need help?