The Central Bank of Nigeria in a private webinar held on Thursday with its stakeholders outlined its digital currency initiative.
According to a report by Nairametrics, which cited private sources, the pilot scheme will be launched on October 1st, 2021. The project name is tagged Project GIANT and it will use the Hyperledger Fabric Blockchain.
Godwin Emefiele, the central bank governor, had previously announced that the bank will be working on a central bank digital currency during the 306th Banker’s Committee meeting.
The press briefing delivered by the Director IT department, Rakiya Mohammed, at the end of the meeting further explained that the Bank had been conducting research in regards to central bank digital currencies since 2017 and may conduct a proof of concept before the end of this year.
Nigeria’s apex bank highlighted the advantages of the eNaira which include 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.
The CBN also pointed out benefits for the fintech ecosystem that include enhanced operational efficiency, opportunities for fintech start-ups in building services/products like financial inclusion that will contribute to economic growth, and the creation of a new system complimenting the traditional payment system.
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