BREAKING!!! CBN To Launch Digital Currency By October


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BREAKING!!! CBN To Launch Digital Currency By October


In a private webinar today, the Central Bank of Nigeria and its stakeholders discussed their digital money program.

During the 306th Banker’s Committee meeting, Nigerian Central Bank Governor Godwin Emefiele revealed that the bank would be working on a central bank digital currency.

The trial project will begin on October 1st, 2021, according to private sources.

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The Director of the IT Department, Rakiya Mohammed, gave a press briefing at the end of the meeting, explaining that the Bank has been researching central bank digital currencies since 2017 and may conduct a proof of concept before the end of the year.

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Project GIANT is the name of the project, and it will run on the Hyperledger Fabric Blockchain.

Macroeconomic management and growth, cross-border trade facilitation, financial inclusion, monetary policy effectiveness, improved payment efficiency, revenue tax collection, remittance improvement, and targeted social intervention are among the benefits of the eNaira, according to Nigeria’s central bank.

The Nigerian Apex Bank also highlighted the benefits for the fintech ecosystem, which include increased operational efficiency, opportunities for fintech start-ups to build services/products such as financial inclusion that will contribute to economic growth, and the creation of a new system that complements the traditional payment system.

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