CBN To Launch Digital Currency on Independence Day

The Central Bank of Nigeria (CBN) is set to launch its own digital currency on October 1, 2021.

At a recent press briefing, the IT Director, Rakiya Mohammed, confirmed this development and noted that the apex bank has studied the digital currency landscape since 2017.

The digital currency initiative 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.

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