Nigeria planning to begin Piloting Digital Currency in October

The central bank of Nigeria (CBN) has reportedly set October 1 as the commencement date for the trial part of its digital currency project. Dubbed Project  Giant, this digital currency project, or the “e-naira,” is predicted 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 simply many months when Central Bank governor, Godwin Emefiele, affirmed the digital currency can before long “come to life.” It additionally comes when the CBN advised in June that Nigeria would have its own CBDC by the end of the year.

With this revelation — once confirmed formally — Nigeria can become the second West state to announce the pilot part of its own digital currency in 2021. As antecedently according to News, the Bank of Ghana is that the different country from the region to announce a begin date for its digital currency project.

Culmination of a Long-Running Study

As the Nairametrics report quoting Central Bank of Nigeria IT director Rakiya Mahomet explains, the announcement is the end result of the central bank’s analysis into digital currencies that started in 2017. The director said that the CBN may still “conduct a proof of concept before the end of this year.”

In the meantime, the report disclosed a number of the main focus areas that stand to profit from the rollout of the e-naira. A number of these areas embrace cross-border trade, financial policy, tax revenue collection, and payment inflows.