CBN To Launch Digital Currency On Independence Day

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CBN To Launch Digital Currency On Independence Day

The Central Bank of Nigeria (CBN) will be announcing its own digital currency on October 1, 2021.

Nairametrics reported that the CBN alongside stakeholders picked Independence Day as its launch date.

According to the publication, CBN's IT Director, Rakiya Mohammed at the conclusion of the 306th Banker’s Committee meeting, disclosed that the apex bank has been conducting research in regards to digital currencies since 2017 and may conduct a proof of concept before the end of this year.

The project name is tagged Project GIANT and it will use the Hyperledger Fabric Blockchain. Nigeria’s central bank further revealed that the importance of eNaira includes Macro management and growth, cross border trade facilitation, financial inclusion, monetary policy effectiveness, improved payment efficiency, revenue tax collection, remittance improvement, and targeted social intervention.