Central Bank Of Nigeria to Launch "e-naira" (CBDC ) Oct. 1




e-naira

 Nigeria government plans to launch its cryptocurrency in October, called the e-naira, Central Bank of Nigeria CBN said on Tuesday.

CBN governor Godwin Emefiele said the "e-naira" would operate as a wallet against which customers can hold existing funds in their bank account.

Rakiya Mohammed, CBN director of information technology, explained that the central bank began researching in 2017 with regards to developing a digital currency.

Mohammed said CBN may conduct a proof of concept. according to her, the project name is tagged "GIANT" and it will use the Hyperledger Fabric blockchain.

The Hyperledger Fabric is an open-source project that acts as a foundation for developing blockchain-based products, solutions, and applications using plug-and-play components that are aimed for use within private enterprises.

CBN said the importance of its digital currency will include 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.

Nigeria is about to join the league of other countries across the globe and Africa racing to develop its CBDC if the pilot scheme is eventually launched.



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