CBN will have its own Cryptocurrency Starting from October 1st

Today, the Central Bank of Nigeria (CBN) and its stakeholders discussed their digital currency plan in a private webinar.

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

Nigeria Cryptocurrency Logo

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

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 undertake a proof of concept before the end of the year.

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

According to Nigeria’s central bank, 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 e-Naira bank.