The Central Bank of Nigeria (CBN) with its stakeholders outlined its digital currency initiative via a private webinar held on 23rd of July.
The Nigerian Central Bank Governor, Godwin Emefiele had earlier announced that the bank will be working on a central bank digital currency during the 306th Banker’s Committee meeting.
According to private sources, the pilot scheme will be launched on October 1st, 2021.
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.
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.