The Central Bank of Nigeria (CBN) has announced that it will launch its digital currency on October 1, 2021.
As reported by Nairametrics CBN alongside stakeholders picked Independence Day as its launch date.
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.
With the announcement, Nigerians are expectant as the development will hopefully be a plus to the economy.
