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.
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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