According to reports, the Central Bank of Nigeria (CBN) has set October 1st as the start date for the pilot phase of its digital currency project. This digital currency project called Giant or “e-naira” is expected to use the Hyperledger Fabric blockchain.

CBDC comes to life

Only a few months after the Governor of the Bank of Nigeria Godwin Emefiele stated that the digital currency will be “coming out” soon, the release date of the Central Bank of Nigeria Digital Currency (CBDC) was announced. Previously, CBN recommended in June that Nigeria have its own CBDC before the end of the year.

With this revelation-when officially confirmed-Nigeria will become the second West African country to announce its own digital currency pilot phase in 2021. As previously reported by News, Bank of Ghana is another country in the region announcing the start date of its digital currency project.

The culmination of a long-term study

As the Nairametrics report quoted Rakiya Mohammed, head of IT at the Central Bank of Nigeria, as explained, the announcement was the culmination of the central bank’s research on digital currencies in 2017. The supervisor added that CBN may still “conduct a proof of concept before the end of the year” this year. “

At the same time, the report revealed some key areas that will benefit from the launch of e-naira. Some of these areas include cross-border trade, monetary policy, taxation and remittance inflows.

Do you agree that CBDC will benefit the broader Nigerian economy? You can share your views in the comments section below.

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