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
Monetary policy effectiveness
Improved payment efficiency
Revenue tax collection
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.