CBN set to launch Digital currency on Oct 1


The Central Bank of Nigeria has said that it would launch the pilot scheme of its digital currency on October 1, 2021, according to the Daily Sun.

According to a competent source, the apex bank with its stakeholders outlined its digital currency initiative in a private webinar held on Thursday.

The CBN’s Governor, Mr Godwin Emefiele, had announced that the bank was working on a digital currency during the 306th Banker’s Committee meeting.
The source said the pilot scheme would be launched on October 1, 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.


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