The Central Bank of Nigeria Reportedly Plans to Launch the CBDC ‘GIANT’ Pilot by October 2021 on Hyper-Ledger Fabric Blockchain

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The Central Bank of Nigeria (CBN) has reportedly announced that it will launch the pilot scheme of its Central Bank Digital Currency (CBDC) by early October 2021.

According to a local daily, Rakiya Mohammed, the director of information technology at CBN, disclosed that the bank has been researching to develop and adopt a digital currency since 2017.

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SEE ALSO: [WATCH] We Are in the Implementation Phase of the e-Cedi CBDC, Confirms Governor, Bank of Ghana

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Speaking to stakeholders, Rakiya said the project, dubbed ‘GIANT,’ will run on the Hyper-Ledger Fabric blockchain, an open-source project for building blockchain-based products, solutions, and applications for private enterprise.

It was revealed that the CBDC would offer several benefits that include:

  • Cross-border trade facilitation
  • Macro-management and growth
  • Financial inclusion
  • Monetary policy effectiveness
  • Improved payment efficiency
  • Revenue tax collection
  • Remittance improvement
  • Targeted social intervention

A proof-of-concept is expected to be conducted before the end of 2021.

Nigeria is now the third country in Africa to announce the development of a CBDC following South Africa and Ghana that have both initiated CBDC pilot programs.

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RECOMMENDED READINGThe South African Reserve Bank Commences Feasibility Study for a General-Purpose Central Bank Digital Currency

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