Nigeria's Central Bank (CBN) has reportedly t The trial phase of the company's digital currency project will begin on October 1. This digital currency project, dubbed Giant, or the "e-naira," is anticipated 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 months after the central bank governor, Godwin Emefiele, stated that the digital currency would "come to life" soon. It also follows the Central Bank of Nigeria's announcement in June that Nigeria would have its own CBDC by the end of the year.
Nigeria would become the second West African country to declare the trial phase of its own digital currency in 2021 if this information is accurate. The Bank of Ghana is the other country in the area to set a launch date for its digital currency experiment, as previously reported .
Culmination of a Long-Running Study
The news, according to a Nairametrics storey quoting Central Bank of Nigeria IT director Rakiya Mohammed, is the culmination of the central bank's research into digital currencies, which began in 2017. The CBN may yet “conduct a proof of concept by the end of this year,” according to the director.
Meanwhile, the research outlines some of the key regions that will benefit from the e-implementation. naira's Cross-border trade, monetary policy, tax revenue collection, and remittance inflows are just a few of these domains.
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