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


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.


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


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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