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The Central Bank of Nigeria with its stakeholders outlined its digital currency initiative via a private webinar held today.
The Nigerian Central Bank Governor, Godwin Emefiele had earlier announced that the bank will be working on a central bank digital currency during the 306th Banker’s Committee meeting.
According to private sources, the pilot scheme will be launched on October 1st, 2021.
The press briefing delivered by the Director IT department, Rakiya Mohammed, at the end of the meeting further explained that the Bank had been conducting research in regards to central bank digital currencies since 2017 and may conduct a proof of concept before the end of this year.
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The project name is tagged Project GIANT and it will use the Hyperledger Fabric Blockchain.
Nigeria’s central bank further revealed that the importance of eNaira includes Macro management and growth, cross border trade facilitation, financial inclusion, monetary policy effectiveness, improved payment efficiency, revenue tax collection, remittance improvement, and targeted social intervention.
The Nigerian Apex Bank also underlined the benefits for the fintech ecosystem that include enhanced operational efficiency, opportunities for fintech start-ups in building services/products like financial inclusion that will contribute to the economic growth, and the creation of a new system complimenting the traditional payment system.
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Okay let watch and see
unless country that has banned crypto currency exchange youths are doing to help themselves have now bring out crypto currency in different forms. if everyone refused to make use of it you can’t force it on anyone.
Wo
You should not be in haste, let it be step by step new kid on the rock
Our confused government.
Have they forgotten their restrictions on the usage and trading of Crypto in Nigeria. They really caused us heartbreak and caused some depression.
Me no go ever follow una buy am.
This is a welcome development that out country Nigeria will be back on international recognition for economic growth and development even as to lunch her crypto currency coin wao
Are they just realizing that digital currency is the way forward. Anyways let’s anticipate for it
Nigeria is lagging behind. Anyway, It’s better to be late than never.
Looking forward to seeing it.
well,,,, lets see how it goes..