Report: Nigeria to Start Piloting Digital Currency in October

The Central Bank of Nigeria (CBN) has reportedly set October 1 as the commencement date for the trial phase of its digital currency project. Dubbed project Giant, this digital currency project, or the “e-naira,” is expected to use the Hyperledger Fabric blockchain.

CBDC Comes to Life

The revelation of the launch date for Nigeria’s central bank digital currency (CBDC) comes just a few months after central bank governor, Godwin Emefiele, said the digital currency will soon “come to life.” It also comes after the CBN suggested in June that Nigeria would have its own CBDC by the end of the year.

With this revelation — when confirmed officially — Nigeria will become the second West African nation to announce the pilot phase of its own digital currency in 2021. As previously reported by News, the Bank of Ghana is the other country from the region to announce a start date for its digital currency project.

Culmination of a Long-Running Study

As the Nairametrics report quoting Central Bank of Nigeria IT director Rakiya Mohammed explains, the announcement is the culmination of the central bank’s research into digital currencies which started in 2017. The director added that the CBN might still “conduct a proof of concept before the end of this year.”

In the meantime, the report reveals some of the focus areas that stand to benefit from the rollout of the e-naira. Some of these areas include cross-border trade, monetary policy, tax revenue collection, and remittance inflows.

Do you agree that the CBDC will be beneficial to the broader Nigerian economy? You can share your views in the comments section below.

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Author: oxy

Crypto Cabaret's resident attorney. Prior to being tried and convicted of multiple felonies, Oxy was a professional male model with a penchant for anonymous networks, small firearms and Burberry polos.

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