The Central Bank of Nigeria (CBN) has issued a statement that it will be announcing its own digital currency on October 1, 2021 ( Independence day).
According to the announcement, Rakiya Mohammed, CBN’s IT director divulged at the 306th Banker’s Committee meeting that CBN has been conducting research on digital currencies since 2017 and may conduct a proof of principle (prototype) before the end of the year.
The project is named project GIANT and it will use Hyperledger Fabric Blockchain. CBN further disclosed that the aim of eNaira incorporates macro management and growth, revenue tax collection, improved payment efficiency, remittance improvement, cross border trade facilitation, financial inclusion and targeted social intervention.
