CBN Finally Announces Date to Launch its own Digital Currency

CBN Finally Announces Date to Launch its own Digital Currency

  • Looks like the CBN will be launching its digital currency months after it restricted cryptocurrency trading within the country
  • The Nigerian apex bank outlined the initiative for its digital currency during a private webinar on Thursday, July 22
  • The pilot scheme of CBN's digital currency tagged Project GIANT will be launched on October 1

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A report by Nairametrics indicates that the Central Bank of Nigeria (CBN) announced that it will launch the pilot scheme of its digital currency on October 1.

According to the report, the disclosure was made on Thursday, July 22, during a private webinar that was held.

CBN digital currency
The Central Bank of Nigeria will launch its digital currency on October 1. Photo credit: @cenbankng
Source: Facebook

CBN with its stakeholders outlined its digital currency initiative saying 80 percent of central banks globally are exploring the possibility of issuing their central bank digital currency (CBDC), The Punch added.

Rukiyat Mohammed, the CBN director for information technology explained that since 2017, the bank had been conducting research in regards to central bank digital currencies and may conduct a proof of concept before the end of 2021.

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Mohammed, at the end of the meeting further revealed the project tagged Project GIANT will use the Hyperledger Fabric Blockchain.

CBN to launch Nigeria's cryptocurrency

Earlier reported that Nigeria will officially have its own digital currency this year according to Rukiyat Mohammed, the Director for Information Technology at the CBN.

Mohammed stated that the financial regulator had been conducting extensive research on the cryptocurrency market in a bid to provide the country's digital coin.

She said the same way everybody has access to cash, the digital asset will also be available to everyone once the Central bank roll it out by the end of the year.

Survey shows Nigerians don't want CBN's digital currency

Meanwhile, a survey carried out on the digital currency that the Central Bank of Nigeria plans to release has shown that many Nigerians won't invest in it.

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Nigerians can't openly trade crypto as the financial regulator has ordered commercial banks and other financial institutions to close accounts linked to digital currency.

At the end of the year, people will only be able to trade government-controlled digital asset. Some Nigerians are worried that the CBN-backed digital currency will be pegged on the weak naira, but they prefer cryptocurrency which has a value of the dollar.


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