CBN To Launch Digital Currency Oct 1

The Central Bank of Nigeria has said that it will launch the pilot scheme of its digital currency on October 1st, 2021.

According to Nairametrics, the CBN with its stakeholders outlined its digital currency initiative via a private webinar held on Thursday.

In a recent report, the CBN’s Governor, Godwin Emefiele had announced that the bank was working on a digital currency during the 306th Banker’s Committee meeting.

Nairametrics said that its private sources said the pilot scheme will be launched on October 1st, 2021. It said that the press briefing delivered by the Director IT department, Rakiya Mohammed, at the end of the meeting explained that the Bank had been conducting research in regards to central bank 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.