CBN to launch digital currency on Independence Day

CBN to launch digital currency on Independence Day

The Central Bank of Nigeria (CBN) has announced that it will be announcing its own digital currency on October 1, 2021. A few months ago, CBN Gover

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

A few months ago, CBN Governor, Godwin Emefiele had assured Nigerians that digital currencies will have a place in the country.

Emefiele said, “We have carried out our investigation and we found out that a substantial percentage of our people are getting involved in cryptocurrency which is not the best. Don’t get me wrong, some may be legitimate but most are illegitimate.

”Under cryptocurrency and Bitcoin, Nigeria comes 2nd while in the global side of the economy, Nigeria comes 27th. We are still conducting our investigation and we will make our data available.”

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.