CBN Takes Stunning Decision Regarding Digital Currency

• Some months after revealing plans to launch a digital currency, the Central Bank of Nigeria (CBN) has announced a launch date

• The CBN disclosed that its own digital asset will be launching on Nigeria’s Independence Day anniversary, 1 October 2021

• The project has been named Project GIANT and all Nigerians will have access to the virtual currency, according to the Director IT department, Rakiya Mohammed

The Central Bank of Nigeria (CBN) has announced it will launch its own digital currency on 1 October 2021.

The information was passed by CBN Director, IT Department, Mrs Rakiya Mohammed during on Wednesday 22 July.

This is coming after CBN governor Godwin Emefiele revealed that the financial sector regulator was set to adopt digital currency in May.

At that time, the CBN governor revealed that a committee had been set up to actualize the concept.

Emefiele further confirmed the progress of the project during the 306th Banker’s Committee meeting.

Mrs Mohammed disclosed that the apex bank has been conducting researches and making plans towards the launch of digital currencies since 2017.

The electronic currency project has been termed Project GIANT and it will be launched on the Hyperledger Fabric Blockchain.

The CBN added that the digital currency will prove to be useful in the facilitation of cross border trade, payment efficiency, and improving the effectiveness of monetary policy.

The eNaira launch announcement is coming 5 months after the apex bank announced a ban on cryptocurrency in the country.

The cryptocurrency ban limited financial and non-financial institutions from carrying out crypto-related transactions, forcing Nigerians to switch to P2P as a channel of exchange.

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